So I had an idea to start a savings account for my son. (His MomMom just sent him 5 dollars for Holloween)
I'm thinking of putting all the money he gets into the account until he is old enough to understand what money is, which should be around 5, right? Then after that, 50% goes to savings and he can spend the other part.
Anyone else do this? How does it work when you explain it to your child?
I've already run into problems with my motherinlaw about this. I think its a good idea...
Answer by SMWOODS at 2:06 PM on Oct. 30, 2008
Answer by feesharose at 2:04 PM on Oct. 30, 2008
Answer by MommaWoods at 2:18 PM on Oct. 30, 2008
Answer by SabrinaMBowen at 2:39 PM on Oct. 30, 2008
Answer by SaferAtHome at 2:55 PM on Oct. 30, 2008
Answer by MommaWoods at 4:50 PM on Oct. 30, 2008
we save the kids money at home till their 5th bday. then they get to go to the bank and open the account themselves. they get to see the vault where the bank 'holds' their money for them, and sign the signature card themselves. the bank gives them a little young savers package, its all very cute.
then when they earn or receive money, they get to keep half and deposit half. i tell my son who is 7 that if he thinks he's getting a car when he turns 16, he's going to be buying it himself so he better start saving now. and that when he moves into his own home he will need money to buy furniture and stuff.
sometimes he asks me how much he has and says "mom, will $130 buy me a couch? "rofl
Answer by teri4lance at 5:21 PM on Oct. 30, 2008