Good morning everyone! Happy Hump Day Wednesday! Yay!!! We are halfway through the week and the weekend is quickly approaching. This weekend I will be busy as I have 3 local reviews on businesses to do. One I am really going to enjoy because it involves playing mini golf over on City Island! wootwoot!
Today’s topic of discussion is about having savings accounts for our kids. When my god son, 2 nephews and our grand daughter was born we decided to open up Savings Accounts for each of them (with their parents over-seeing those accounts until each child is 18 years old). For my god son & 2 nephews…we opened each account with a deposit of $100 to honor their births and then for their Birthdays and Christmas we add another $50.00 for each of them. Their parents deposit money into those accounts throughout the year and the kids have been taught to deposit some of their “chore” money into those accounts too.
For our grand daughter we do things differently. We opened her account with a $100 deposit and then every month we have been depositing another $25 into her account and then a few times a year (around her birthday and Christmas) we make larger deposits. In just the past 4 years (she is 4 years old) we have managed to build up her savings account to over $1,000.
Do any of you have savings accounts set up for your kids or grandkids? If so, do you have any restrictions on the account? In our case, the kids can’t touch it until they are 18 years old. Secondly, as part of the agreements the kids must also deposit money into those accounts. When they get birthday money, Christmas money or earn money via chores…they must deposit 50% of that money into the account too. I think its a great agreement and is working well for our family.
We had a few giveaways close late last night so we do have winners to announce this morning. As always, we spend time every morning validating entries, trashing out the cheater entries and then randomly select a winner using random.org. We then double check that persons entry to make sure it’s legit and then finalize it.
Winners for the Glytterati Jewelry GC’s are: Dana R., Jo-Ann B., Rochelle H., Heather S. and Brittney H.
Winner for the Sea-Band Giveaway is… Jennifer T.
Congratulations to all 6 winners this morning! Wow…took me awhile to get 6 pulled but we did it! Yay!!! Emails will be sent to all of the winners shortly so that they can claim their prizes. Have a great Wednesday!
Congratulations to the other 5 winners. I am sure you all feel as happy as I do about winning.
The mini golf review does sound like a lot of fun.
I like your savings account idea and I shall implement it on the birth of my first grandchild – whenever that happens.