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Reply to "What to do with child's savings?"
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[quote=Anonymous]When they were younger, I put it in their college funds. Now I put it in a savings account that they can control (check the balance, determine how the funds are used, etc.) My kids do not get $$ from us monetarily outside Christmas and Easter for tangible goods. So anything they want, they must save up for what they want. This works well because everytime they want something (games, apps, toys, high cost, name-brand clothing items, etc) they have to consider how it will affect their savings. Of course, we are not talking about $7K accounts at age three. I started placing the money is savings accounts (instead of college accounts) at age 7. One kid (13) has about $1K and the other (10) has about $700.[/quote]
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