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(Slate)   How is babby bank account formed?   (slate.com) divider line
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359 clicks; posted to Discussion » on 24 Sep 2021 at 7:55 AM (17 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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2021-09-24 7:57:49 AM  
Baby got bank.
 
2021-09-24 8:13:27 AM  
I was.not able to access. That being said: get a 529 asap for the kiddo. 20 bucks a month goes a lot further from birth than it does anytime later in life. People not sure what to get the kid? Tell them to put money in the 529.
 
2021-09-24 8:54:17 AM  
Having a bank account set up can help spouses fight in new, creative and imaginative ways most people could never comprehend.

"I didn't want to move that piece of crap, so I sold it and put the money in the baby bank account"
"It was a family heirloom!"
"It was a 1915 medical vibrator!"
"And my grandmother LOVED it!"
 
2021-09-24 9:39:34 AM  

hoodiowithtudio: I was.not able to access. That being said: get a 529 asap for the kiddo. 20 bucks a month goes a lot further from birth than it does anytime later in life. People not sure what to get the kid? Tell them to put money in the 529.


I mostly avoided 529 and it worked out well. The idea is that for financial aid, 529 money is just a pile the colleges perceive is already their property. It may be better to first max out your own retirement savings - none of them expected any share of that when we applied. Even then, other savings you may have seemed to get a less aggressive formula for funds available to pay for tuition etc.

My state offered a tax break for college payment via 529, so both kids actually had one, it just generally held money only very briefly.

Long-term savings contributions are great, absolutely. But locking some of that in to distant college payments may not be optimal for you.
 
2021-09-24 10:20:28 AM  
My parents opened Schwab accounts for our kids. My son was 10 at the time and my daughter was 2. Every birthday and holiday they'd give the kids some little present and put $500 into the account. There were good stocks (Apple, Microsoft, Abbot, etc.) and it's done well. My son's helped him to reduce his college debt and my daughter's, thanks to her scholarship, will actually leave her debt free after graduation.
 
2021-09-24 10:36:59 AM  
My son has a bank account set up for the financial gifts he gets from family. It adds up.

We use that money for activities and things like new hockey gear. Everyone knows that they are contributing towards things like that. The end result is that we never have to tell him that we can't afford for him to play hockey this season - or private figure skating (he does both)

He also has an account for saving towards his education, but that's being slowly filled by a smallish monthly contribution from my wife and I. He can't touch that one.
 
2021-09-24 1:13:04 PM  

OccamsWhiskers: hoodiowithtudio: I was.not able to access. That being said: get a 529 asap for the kiddo. 20 bucks a month goes a lot further from birth than it does anytime later in life. People not sure what to get the kid? Tell them to put money in the 529.

I mostly avoided 529 and it worked out well. The idea is that for financial aid, 529 money is just a pile the colleges perceive is already their property. It may be better to first max out your own retirement savings - none of them expected any share of that when we applied. Even then, other savings you may have seemed to get a less aggressive formula for funds available to pay for tuition etc.

My state offered a tax break for college payment via 529, so both kids actually had one, it just generally held money only very briefly.

Long-term savings contributions are great, absolutely. But locking some of that in to distant college payments may not be optimal for you.


The food news is that you can use it for primary and secondary school, not just college and dildos from 1915.
/I know that wasn't you who said dildos but that was still funny
 
2021-09-24 1:22:09 PM  
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2021-09-24 3:47:33 PM  
I had a savings account when I was five or six.  My parents would put money given to me (like for birthdays and stuff) into it.  Once in awhile I'd ask to see the passbook just to see the numbers.  (I didn't know how things worked, and wasn't tall enough to reach the counter at the bank anyway).  That was when you'd go to the bank and have to give them your book so they could register the transaction and update the interest and whatnot. Felt so grown up!
 
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