*Fickle Pickle*
 |
Start w/ whatever you can afford. $100-$500 is a sufficient amount I think.
Save your change in a jar & once that is full, deposit all of it! Also, if @ all possible, have auto-draft taken from each of your paychecks & automatically deposited into your child's account. $25 is a decent amount for this as well. Of course, if you can spare more, that would be awesome.
Just remember, don't BREAK yourself. Regardless of what you are putting into this account, it will always be more than if you NEVER tucked ANY away.
And - STICK TO IT. NEVER withdrawl for any reason. |
|
ebsharer
|
I have three kids. Personally I started there savings accounts when they were born. I started it with the money I received from my baby shower (minus what I needed to buy) Every time they get money for ANYTHING, birthday, Christmas, ect. I make them put half of it in the bank and they get to keep the other half to spend how they choose. I personally put $10 a week in each account. If you can do more then do more. Because I have 3 kids thats all I can do. For birthdays and other things I put in $50. ( they get presents too and I don't tell them about the $50 other wise they will want to know why they don't get half.) Making them put in money even at there young age is teaching them the value of a dollar. Some thing a lot of parents don't do these days. My youngest is not even a year so I put ALL her money in the bank. If by chance she needs some thing I use half of the money and the rest goes in. Your son/daughter will thank you for it later in life. |
|
Hazza
|
My parents put in 200 and added to it gradualy |
|
waggy_33
|
I think these answers are good.
If you are saving for college I would strongly recommend putting the funds in a 529 education account. Interest earned on a savings account is taxable at a certain level. Money taken out of a 529 account for post secondary education expenses is never taxable. |
|
Scooter_The_Squirrels_Wifey
 |
I would start with a couple hudred dollars, but that is about personal choice. Also, how often you deposit should be based on convenience. Try saving your change in a piggy bank and depositing that...it will not take long for it to reach thousands of dollars....at least not as long as you think it would. |
|
Crapface
 |
That's a great idea! Never too young to start saving!
I'd say start with $100 and then add what you can weekly or monthly. Maybe $20 per week or $50 a month? It really depends on your financial situation. Either way, saving is ALWAYS a good thing. |
|
John M
|
whatever you can afford. be sure its enough to avoid fees for a low balance when you start out, and be sure to move the money into a CD or some other type of account that earns more interest whenever you have accumulated enough in the savings account |
|
krixty
|
you can start it with 50 dollars and you can deposit every time you get paid about 20-50 dollars each time it doesn't feel hard and well you'll no pressure so the money will accumulate. |
|
Fireball226
 |
$100 how sweet once a mo $25 if you can. |
|
Jose P
|
Start it out with $250 and every time you get paid deposit $20- $50. By the time your 5 year old gets to college, that will definetly help him/ her. Or for anything you both want. |
|
little_averil
|
I agree 100 is good. IT isnt too much but it isnt, well.. nothing..lol |
|
hil
|
I would put in a small percent each week or month. even just $50 a month could add up to 7,200 by the time she/he is 17 |
|
farfel
|
start with as much as you can spare.
deposit as often and as much as comfortable.
no amount is too small or too large. |
|
Claude D
 |
if you contribute 3 % every payday, payroll deducted, before taxes, you will not notice a difference in your paycheck. you may have to put it into a college fund instead of a savings, but if you check with your employer or a bank, they can give you more accurate information |
|
ledbytheholyspirit
|
awesome idea! We started ours with $100.00, and added between 25 and 50 a month. If we added 50, we broke it down and added 25 a paycheck. But you can add as little as 10 a month or as much as 100 a month. Whatever you can do. Good luck and God Bless. |
|
Blessed by the Best
 |
$100. Not tooo much not tooo less |
|
daisee1203
|
I think you should do something more profitable than a savings account. Like a CD or a Money Market. Savings accounts aren't a bad at idea at all, they just won't get you a whole lot, which you probably already know.
I think you should start with as much as you want and can afford. Maybe something like: How much you spend on him in a week x 4, to start. Then half that, depositing once a month. I guess it depends what the account will be used for and in what time frame. |
|
The pink panther
|
You can talk to your bank and they will tell you the minimum on a minor account. it might be $50 or so. Take a decided percentage out of each of your payroll checks to put into the account. After you get to a nice nice figure, try to open an IRA for the child with the savings. You can let family know what you are doing. they may want to also contribute to the account via birthday's or holidays. |
|
kelbel6969er
|
It depends. Do you want just a savings account, or an account for college? I would start with at least $100 - $300 for just a regular account. I would look into a special savings plan if it is for college. I started my daughter's account when she was 2, and I put all her B-day money in it, along with $10 out of each of my paychecks. She has almost $1000 in there now, and she is 5. |
|
Shinji
 |
Most accounts for minors can begin with a starting balance of about 10.00 dollars depending on your bank. Each payday deposit another 10.00. By the time your child is 18, he/she will have a reasonably good financial head start.
I know it sounds cheap, but think of this way...
If you do not dust inside the home for a day, you do not really notice it.... but go a year without dusting things off and everyone notices! a little bit every payday will add up over time.
10.00 every two weeks.... for 13 years. Your 5 five year old would indeed have a tidy sum to start with. |
|
Tom
|
Instead of a savings accoung, you should look into an investment account. If you put the money into a well-known, dependable company that pays a good dividend---coca cola, proctor & gamble, utilities, your kid will be far better off. The dividend alone would be greater than the return you would get from the savings account.
Considering inflation and declining worth of the dollar, the money you put in now would only have 1/2 of the purchasing power in 20 years. Conversely, stocks have historically averaged a 9% return. With compounding interest, this means that, with an average return, every dollar you put in now would be worth $4 by the time your child is 21.
You can start off with $100, and deposit $50, $25, with Direct Reinvestment accounts that most major corporations offer. You can do the same through discount brokerages. |
|
just passing by
|
It all depends on were you go some places will charge you a fee if you do not have 500 or more in it. But also some places if you tell them it is for your son and he is 5 will wave the fee.
So i would say start with100 then add to it every so often. also add the money that he gets for birthdays/holidays when he gets older. That is what my parents did and now i have about 20,000 in savings, bonds and stocks. |
|
devilishu
|
how bout a penny! that's it..... no more but less if u want.....n watch that penny grow, grow, GROW!!! |
|
| |
|
Homepage 
Financial
Forum 
Personal Finance 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
