We’re on our third trip to the bank to put money in my son’s savings account. We have encouraged him to take responsibility for the money he earns and gets for his birthday and other occasions. I think we finally got through to Brody about how important it is to save his money for the future.
First, we took a trip to the grocery store where there’s a coin machine. The last time we took his change directly to the bank, the bank teller looked at me kind of funny. I don’t mind taking his money to the coin machine as that’s another angle I can teach him about money, however, it does take out a fee and I don’t really like that. He got about $62+ money back.
He didn’t make a fuss about not wanting to put his money away. However, I did allow him to keep $10 out for a toy or two. That’s only fair to him as he has worked so hard to save his money.
I told him we need to save for college. Not sure he understands at this point, but with the many times that my husband and I bring up the subject the better he will understand about it when the time does come to start deciding on what colleges to prepare for. I know, I know, he’s just a baby!!
And that piggy bank…..aka monster bank that he is so proud of!!! He made it an art class a couple of years ago.
Until the next bank trip, he will be saving money by doing small chores, tooth fairy money, money he finds in daddy’s pockets (hehehe), and birthday money, as well as other holiday monies.
How do you teach your children the value of money?