Graduation Savings Accounts

April 19, 2015 at 11:50 am Leave a comment

About a year ago, I came up with the idea of a Graduation account.  The concept is an account for the kids that they won’t get access to until they graduate from high school.  This account would be for them to get a car, put down as their first month rent for an apartment, or whatever purpose they want, really.  What they use it for isn’t as important as the lesson it’s there to teach them:  That saving money for the future is important, and that they should put a little money aside whenever they get some income.

So, it’s just a savings account, you ask?  Not quite.  My concept is closer to a 401k account.  It’s money they can’t touch once they’ve put it aside, and it gets a “Dad match”.  Whatever money they put into their Graduation Account, I match it 100%.  So, if they get birthday or Christmas money (or money for getting good grades) and want to save it, they can effectively double their gift.  If they earn money around the house, they can double that money too.  Plus, it will earn interest while time passes until graduation.

 

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Entry filed under: General.

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