Reasons For Multiple Savings Accounts
You may want to have several different savings accounts for your children. I only have one daughter right now, and I know that she has at least three savings accounts. One of them is one that I have started, another was started by her grandparents for her education, and the third one was started by her other grandparents, and that will be for hers once she goes to college. I won’t even tell her that she has the savings accounts until she has a need to use any of them. If she doesn’t know what is there, she will be less likely to beg me for things that she really doesn’t need. I remember when I was a teenager there were many things I was dying to have, and I wish I had saved that money towards my college education.
