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When do you think is a good time to start saving for your kids future expenses like prom, college, etc. And do you just open up a separate savings account for that purpose?
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A good time is before they are even born.
An acceptable time is when they are born. Start saving from day one as those things creep up before you know it.
You mentioned prom, though. I think that's one that the kid needs to pay for, or at least contribute significantly for. By the time they are in high school, they should have savings of their own from birthdays, holidays, and jobs. That's a lot different than college savings.Steve
* Despite the high cost of living, it remains very popular.
* Why should I pay for my daughter's education when she already knows everything?
* There are no shortcuts to anywhere worth going. -
Haha, I was thinking that I should have started saving way earlier and you are right about prom. I guess they should be able to help cover those types of things if they can get a decent part-time job and save some of their allowance.Originally posted by disneysteve View PostA good time is before they are even born.
An acceptable time is when they are born. Start saving from day one as those things creep up before you know it.
You mentioned prom, though. I think that's one that the kid needs to pay for, or at least contribute significantly for. By the time they are in high school, they should have savings of their own from birthdays, holidays, and jobs. That's a lot different than college savings.Comment
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