Quote:
Originally Posted by zerioustt
the fiance and i got my nephew a 100 dollar savings account that only we can add money into. we started with a 100 on his bday and added 100 on xmas. told all the family members if they want to contribute they can. were gonna flip it into a cd at some point when it grows some. then he can get it when hes 18 to buy a car or towards college. want to teach him how to save because i wish i wouldve done so from a young age and not when i was 20.
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This is what I do for my kids. $50 for birthdays, and $50 for christmas and then top it off with a small gift for them to play with.
My son has more money in the bank than I do, and my daughter is half way there. (she is a few years younger than he.).
For the nieces and nephews, they get savings bonds instead of savings accounts. I found some great ones that mature in just a year through state farm. Pay $50, and in a year get $100. I think you can buy up to $5000 at a time, but I don't remember.