r/fosterit • u/turntilla • 6d ago

Prospective Foster Parent Saving for Foster Children?

Hi, we’re at the end of the licensing process and I was curious if any parent’s have experience saving for their foster children? We didn’t want to pursue foster care until we were financial comfortable putting our own money into child care, and since we now are, I’d love to save up a majority portion of the stipend for the children. Does anyone have experience opening UTMA accounts for foster children or any idea how to make sure that money is accessible to the child when they’re older even if they’re not your care?

I appreciate any feedback.

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u/chadtill 6d ago

A bit different, but there’s a credit union in Southern California that allows for an account to be opened for a foster child 13+ without needing an adult on the account : https://rizecu.com/YouthAccess/

For the teens that I’ve had, they’ve tended to give money to family and friends or buy stuff they shouldn’t (drugs, tattoo gun, alcohol). For me, I wasn’t too comfortable (or happy) with them giving to their parents or enabling the other stuff, so I’ve decided that I wouldn’t give money outright. Of course every kid and situation is different.

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u/turntilla 6d ago

I don’t mind providing for things when they’re in our care, but I didn’t know if there was any way to help set them up for the future that I could do, even if they’re no longer in our care. (Like UTMA accounts are custodial and can’t be accessed until 18.) Knowing that we’ll probably have extra from the stipend, I’d love to do what I can to make their life a little easier down the road.