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Bank Account

June 13th, 2006 at 03:18 pm

In an effort to build good habits in our DS2 we are having him start a bank account. This year for his schoolwork we ar edoing a weekly community helper. We have done the usual police, fire, ambulance, lifeguard stuff and are turning to other jobs. I had planned on starting his allowance when he turns 3 (5 weeks) but since we are doing banking as a community helper decided to go a couple weeks early. Our local bank has a "JOhnny Appleseed" account that insclude a passbook, has no minimum, gives birthday cards redeemable for coupons to local stuff, and has a drawing for a prize twice a year. You get a ticket for the drawing for every deposit you make. We plan on giving him his allowance (50 cents)weekly and having him save 10 cents every week. I am past the bank every week so we can stop for him to make his deposit easily. He will also put 10 cents in the charity box. (we'll start those community helpers later this month). The other 30 cents is his to spend. I plan on "needing" to go to the dollar store every month or so so he can spend if he wants to. He has started showing an interest in money and can tell the coins apart and count pennies. I am going to see that he gets his money wiht a different coin configuration every time so we can have another lesson. I realize some of you think I am crazy and I will be told that he will never remember it. I am learning lately that they remember the bad stuff best but I am hoping to build a habit that will last him a lifetime. By the way, for those of you who do not believe in allowances, yes he does chores too. He sets the table and when he is three it will involve more than the utensils. He also helps with other things like emptying the dishwasher and collecting trash.

4 Responses to “Bank Account”

  1. Money Talk$ Says:
    1150208577

    I remember getting my allowance and going to the bank every month or so to deposit into my passbook account when I was very young. I would say five years old. I was proud of that little blue book. It had my name on it!!

  2. Thrifty Ray Says:
    1150210774

    I am sure your little one will remember his first bank account and how 'fun' it was to save!! (a good tool for later in life!!)

  3. debtfreeme Says:
    1150222256

    what a great idea!

  4. cashqueen Says:
    1151436618

    Good idea to instill those values early! Good job.

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