Monday, December 12, 2011

I wanted to save for my baby?

i have a 18months old baby.i have saved a 4 figure amount by depositing every month a fixed amount to an account opened in my name for saving a good amount for my baby,but when my finances became bad ,i forced to witdraw that amount and i will not able to put back that amount.


now i wanted to save a small fixed amount for him,which i wanted give him when he is 18 or 21.how can i do that. where can i do that .whatever happens i do not want to repeat my earlier temptation and this time i wanted to save somewhere no one can withdraw for at least 20 years.





kindly advice me,Iam not tempted by high interest rates or returns, my only aim is it should not be able to withdrew for 20 years.





plls help me|||Probably the best option then would be a savings plan which locks you in for a period of time (however you must note that in all cases you are able to surrender these plans 鈥?it鈥檚 just there will be penalties which hopefully will be a deterrent). Most childrens saving bonds are set up until the child is 18 but if you want you can start a 20 year plan in your name. Children鈥檚 Mutual offer a variety of plans with children in mind and a range of investment options. You can find more from its website or any financial adviser.





Disclaimer:


The answers above are for guidance only and should not be acted upon without you receiving independent financial advice relevant to your circumstances. To find and IFA please go to http://www.unbiased.co.uk.|||every week you you get your pay check from work make a direct deposit of $20.00 to you baby account.|||First of all, you should try to save about $2000. When you get that much money, you can do all sorts of great things with it.





You should save it, using higher interest bank accounts to help your savings along. Then, go see a financial planner at your bank. They will be able to help you invest the money so it gets good returns, but that your son can't withdraw it until a certain age. Financial planners do this for a living, so they know all the good investments and products you can use.





I suggest you use a managed or mutual fund. You can have $100 a month taken out of your bank account and invested. There is a several day wait to get the money out of the fund, which usually dissuades most people from just withdrawing it all. If you set it up so that it had to have your signature, his signature, and perhaps a third party (like his father's) all at once, to make a withdrawal, then it is unlikely that one of you can convince the other two to let you withdraw it all for some frivolous purpose.





Best wishes|||go any of your local banks and tell them what you want to do, most them have an account where you can save for your child but you can only put in and your child can take out when they are old enough.

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