Do you have a bank account for your baby?

posted 3 years ago in Babies
Post # 3
Member
11772 posts
Sugar Beekeeper
  • Wedding: May 2013

We’re going to need to open one before the baby’s born, but we haven’t yet!

Post # 4
Member
7654 posts
Bumble Beekeeper
  • Wedding: July 2012

We will more than likely start a savings account once the baby is born–for college though. I asked about CDs or savings bond, and my parents told me it wasn’t worth it, so I nixed that idea and am just going to do a regular savings account and call it a day unless I can find something else.

Post # 5
Member
690 posts
Busy bee
  • Wedding: July 2012

We do! I’m currently 18 weeks pregnant, due in mid-March. For now, at least, we just decided to go with a standard savings account. (We’ll re-evaluate later on and decide if we want to save/invest in a different way.) Every paycheck, a portion of my salary goes directly into the baby’s account. This works well for us in that it is meant not to be touched, but it CAN be. My initial intent going into it was to make this into a college saving account, but my husband has suggested that maybe we keep ourselves open to using it for baby-related emergencies, like maybe a (god forbid) doctor or hospital trip that we didn’t necessarily budget for, or something else related to our kid that we just didn’t plan for. His other line of thought is that, even though we have budgeted and re-budgeted a hundred million times, maybe once the baby is ACTUALLY here, we’ll find that we need to dig into it for necessities that we simply didn’t remember to include in our budget, just temporarily, while we re-adjust our spending. So all of that to say, it’s basically a safety net for now, but eventually I want it to be off limits, and strictly for saving. 

It’s probably also relevant to mention that we have a brand new mortgage that we’re still getting used to budgeting around, so that adds to a lot of guesswork around our finances these days. If we’d been in this house already for a year or two and had a better grasp on where we stand, I think we could have gone straight to an off-limits type of account with a set amount out of each paycheck that we KNEW we’d be comfortable putting aside. But for now, while we settle in, this works for us. 

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