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Opening a savings account for my son. What do you think?

My 9 year old son is all about saving money and having money. I think it'd be great to open a savings account and let him put his own money or we will put his money in there and then on vacation take that money out, or when he wants a big purchase... That sort of thing. I think it helps to build responsiblity in saving money to get what you really want instead of having 10 bucks and having to spend it right now at the grocery store just to spend it. What do you think? Good idea... Bad idea? Would you do it?

Answer Question

Asked by Anonymous at 3:00 PM on Jun. 9, 2010 in Just for Fun

Answers (12)
  • my 4 year old already has to earn money for toys or whatnot he wants to buy

    Answer by peanutsmommy1 at 3:02 PM on Jun. 9, 2010

  • My kids have savings accounts at the credit union. They are 8 and 10 and they love watching their money grow. Our stipulation is that they cannot take it out. It is a savings account for them, not a "pseudo checking" account. They know that they can save some of their money in their rooms to spend on things they want and put their other money into the account.

    Answer by missanc at 3:03 PM on Jun. 9, 2010

  • I wish my mom had done for me what my aunt did for my cousins. My aunt opened up each of her kids (4 of them) their own savings account, and each child set 3 goals for the money. Graduation, Prom, College, Car, etc. When they got their allowance for the week, ($1 for each year of age) they would put the money in savings. If there was something they wanted, (say, a cute pair of pants for instance) the child would have to save enough money in a separate jar at home to pay for the pants twice, then look to see what that would make the balance in the bank grow to, and then decide if they still really wanted the pants, or wanted to put the money in the bank.

    Not only did they learn the cost of things from this method, they learned the very important value of their hard work, and got to see their progress. I think it's a great idea, and will be using this method with my children in the future!

    Answer by matobe at 3:14 PM on Jun. 9, 2010

  • That's good I wish mines would do that.

    Answer by mamaofficer at 3:14 PM on Jun. 9, 2010

  • Not to mention, on my cousin's 16th birthday she bought her very own brand new car. It was a Kia, but how many 16yo do you know that could pay cash for a car from their own allowance savings?

    Answer by matobe at 3:15 PM on Jun. 9, 2010

  • My daughter doesn't have a savings account at a bank, but that's because we don't have an account either. She has an old sour creme container that she decorated that she puts half of her allowance in. Right now, she's saving for the new Tinker Bell movie coming out in September. She has to work and save for most things she wants (w/the exception of clothing and food of course). She's five and is getting quite good at not spending her money the second she gets it.

    Answer by Kiwismommy19 at 3:17 PM on Jun. 9, 2010

  • We opened an account for our son who is now only 10 months old. We put the money in right now and he will put more in when he's old enough to make that decision. We want him to know the value of planning and budgeting early on.

    Answer by Aqua_Jen at 3:23 PM on Jun. 9, 2010

  • That is a great idea !

    Answer by gertie41 at 3:30 PM on Jun. 9, 2010

  • Also great for the answer of what to get them for B-days, Christmas, Etc.... they get so much junk these days, so money to save is a great way. Plus you aren't constantly cleaning out the toy box.

    Answer by meme4x at 3:44 PM on Jun. 9, 2010

  • Yep, good idea.

    Answer by Pnukey at 3:45 PM on Jun. 9, 2010

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