Saving for Our Daughter’s Future
Saving for Our Daughter’s Future
We have a savings account for our daughter through our personal bank so she can have access to it when she is 18. We opened it when she was 1 month old and have put in $25 each month since then. She is now 2. We hope the amount saved up will help her either get her first car or will be put toward furthering her education.
We also are planning to use the military GI Bill for her future education. My husband learned about the GI Bill when he was in basic training and got further knowledge about it once he was settled into his squadron. We definitely will take advantage of it and hope our daughter is proud to have it when she is older.
MilSpouse Money
Mission Response:
Your daughter is adorable, Leah! Thank you for sharing your tip for saving for her future, she will be grown up before you know it and now is a great time to start saving for her future! Goal setting is a vital part of a financial plan. One great way to meet your goals is to account for the goal in your budget and set up automatic payments. There are several ways to save for college in addition to a savings account, visit Money Ready 301: Funding College and College Savings Plan Choices to learn more.
The GI Bill, administered by the Department of Veterans Affairs, provides educational benefits to Service members and qualified family members. There are two types: the Post-9/11 GI Bill and the Montgomery GI Bill. If the Service member has unused benefits under the Post-9/11 GI Bill, he or she may be able to transfer unused benefits to their spouse or children. Click here to learn more about transferability requirements and associated rules and conditions. Make sure you understand all the requirements for transferability in advance as there are specific rules on timing. Continue to check in with the VA and your service for any changes to policy.
