Kids LOVE to have their own savings account; it makes them feel “grown-up.” If you child doesn’t have one yet, take time to open one…and consider seeding it with a few dollars. This is a great way to get them in the healthy habit of saving and thinking about achieving financial goals.
Most financial Institutions give your child a piggy bank when they open their account, make sure to ask if they do & don’t forget to take it with you.
This is an easy way to start teaching your kids about money, earning & savings money.
We opened our kid’s accounts when we got there social, so they were about 5 weeks old. $25 to open the account, we set up an automatic transfer from our paychecks to go right in the account & then when they get money from their grandparents it goes right in the account.
Now that our one son is old enough and asks about money, he can trade in his “Tokens” for cash. He can then spend the cash (at the dollar store) or put it in his savings account. He has done both.
Our children grow up in the blink of an eye. College tuition is ridiculously expensive. Why not start saving NOW instead of when they turn 16. When we start now even if its $5 a check, it adds up, and over time you can add more & more. $5 is a kid’s meal. I’d rather skip the kid’s meal & save for college.
Take your kid with you when you go deposit their money. They can ask the Teller questions about where it goes & they might even get a prize.