Open a savings account that yields interest. $100 is the first deposit before they’re born, because it’s gonna be a special day.
$10/month deposit every month. (Comes to $2,160 by age 18)
And an additional $5 increased by $5 every year of life on their birthday until they turn 18. ($855 by age 18)
AND it would be accruing interest.
That would give them roughly $3,115 BEFORE the accrued interest. The interest will have been accruing for 18 years and depending on what that interest rate was you could be looking at significantly more.
And that’s not even counting that you could be adding money from other family members on birthdays, holidays, etc.
That money sets your child up with their first apartment and furniture. (Given the economy doesn’t descend straight to hell before then 😭).
But to push this further, I’d continue doing this AND let your child live with you until they’re 21. Require them to have a job and pay you $100-$200 in “rent,” but simply be tucking that money into their savings account each month, rather than using it for your expenses (you can still have them provide their own personal hygiene items and snacks and other stuff they want for themselves so they can learn some responsibilities there). That would drastically increase the money they’re leaving your home with and help set them up for a successful living situation of their own.
Let me tell you about a friend's ex (there's no one I hate more than my friends' exes) who told me he'd written a book, on his phone, in three days.
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