I am wondering what everyone is doing regarding savings for the kids and their future?
I am starting to think about what to do for my 2 yr old and 3 month boy.
I'm a single mom and my income is modest. I have three savings accounts set up; one for each of my boys. I have a direct deposit into the accounts on every payroll. I don't miss the money cuz i never see it and it has added up quickly.
I highly suggest starting a 504 plan for your children. We also suggest that grandparents give to this college plan instead of buying gifts for birthdays. The earlier you start it the better!!
We have savings accounts for our children, but the interest is low. Eventually we'd like to move their savings to a mutual fund that will collect more interest yet still not be risky. If you do this, keep a close eye on it b/c even the safer funds lose $. In my case as a child, my parents invested in a fund that I saw double in about 3 yrs. However, after some time, it gradually started decreasing, so I pulled the $ out. It's best if you can hold out and keep the $ in for the long term, but use your judgement. You don't want to get penalized either.
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