Reply to What to do with child's savings?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I just stick it in a savings account. We are covering the 529 plan, so unless someone specifically says that it is for colleges we just save it in a regular account. [/quote]

I would do this too.  This is what my parents did for me, and when I was 13 and babysitting, let me have control over the account.  I used it fairly wisely and learned about tracking expenses.  I used it mostly for fun stuff in college.  I didn't get an allowance, so if I wanted to go to the movies as a teen I had to use this money.  I don't know that I will do that to my DD, but I am good with my money now.    [/quote]

We also have "personal" savings accounts set up for our kids, with their own money that they've been given as gifts for birthdays and holidays.  We see it as their money, and it's not for us to decide to put it towards college (by putting in a 529) or spend it however we think.  Our oldest gets an allowance, and elects to put some of it in her account to save (currently for an American Girl Doll).[/quote]

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