Money Matters
Dear Community,
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Children and Money
Hey everyone, we're newly married so I'm new to the nest. I've been doing a lot of googling and i'm looking for some advice. My husband's daughter is 5 and doesn't have any savings. I want to start putting money aside in a savings account for her, for future purchases (whether it's for a car, education, or something else, I'm not entirely sure what yet). I just know I want to set money aside for her. So I'm wondering what your thoughts are on how much should be set aside, either weekly or monthly. I've heard a rule of thumb is 2x their age (she's 5 so it would be $10) but I don't know if that's weekly or monthly. I'm more or less looking for a general rule of thumb others use and then I can adjust to our situation. Any advice? Thanks in advance!
Re: Children and Money
Honestly, your daughter is going to need a LOT of money down the road if you're planning college and whatnot. Set aside whatever you're comfortable- I'd worry less about "rules" and more about what will fit in your budget. I do agree that a regular sch
I disagree about the life insurance, by the way. But that's just me - insurance is exactly what it sounds like: to insure against the unimaginable. The cost of premiums vs. the amount you can borrow, etc. hardly ever make it worthwhile from
I fourth the opinion on life insurance. It's not needed.
I wouldn't really focus too much on the rules of thumb, I would go with how much you could afford. $10 a week is probably a really good start if you can afford that. You can make adjustme
The first thing you need to figure out is why you want to save money for her. If the goal is to save for college and you decide against the 529, then you are probably best off just keeping the money in your name but knowing you plan to use it for