Kids and Savings Accounts

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Every July for the past few years, we’ve been bombarded with birthday gifts. Whether it’s a toy way too loud for our small place, or a new video game or book, we get bogged down with them. But, every once in a while, a grandparent or two (or three) will pass on something that is beyond valuable. Well, valuable to adults rather than small children. I’m talking money.

Each year both of the kids get actual cash from at least two people. Add in the few dollars Sonny got from the tooth fairy, and he’s got a nice chunk of change in his piggy bank. As adults, the Husband and I get super excited about getting money as a gift; once you hit those teenage years, getting money as a gift puts you on cloud nine. But, when my kids get it, they view it as something from another planet. This year, I think it’s time to explain to Sonny about savings accounts.

We’ve given him the basic premise of saving: we save our money to get something really special. It may take a while, but if we save, we’ll be able to afford it someday. Since we explained it that way, he was more than willing to put any money he received right in his piggy bank, no questions asked. I do think that now he’s grasped this aspect of saving, it’s time to actually give him his own savings accounts. There are so many great programs out there that teach what savings accounts are and how important it is to save your money in a bank. Plus, I think it will be a great experience for him to go to the bank and deposit his OWN money in his OWN accounts. My goal is to get him used to saving early, so that it will be second nature to him when he’s older. Sounds like a good plan, right?

So what do you all think about us starting a few savings accounts for Sonny at this age? Does anyone have any advice for us?

About Amiyrah

My name is Amiyrah and I'm an an African American fashion & lifestyle blogger based in Ohio.

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  1. 7.12.12
    Kathy said:

    That is an excellent idea. So important that they know especially when they will have to save for their own retirement income.

  2. 7.13.12
    Free!~ said:

    My 11 year old son has more cash than I do at times. He’s a great saver and opened an account when he was younger than your boy. Last summer he was able to pull close to $100 out of his account for new fancy trucks for his skateboard. He had a job most of last year as a dog walker and he made several hundred dollars. He got paid every 2 weeks and always saved 1/2. The other 1/2 he spent on anything he wanted..mostly candy, hot Cheetos, and video games.

    Saving is an amazing tool to teach our kids.

  3. 7.13.12

    GREAT idea! I think it’s never too early to teach kids about money. I like TD Bank for the kids. They have the little piggy banks and lollipops for them, and last I knew, they got their own little ‘passbook’ that got stamped with the amount, date and what was accumulated in the account. It gives them an ownership to it 🙂

  4. 7.11.14
    Sara said:

    My little sister started talking about getting her own laptop when she was 6 years old, and my mother told her no why is she buying her a laptop, its way to expensive and she thought she was to young to have her own laptop. My mother told her that she could start saving her money, like her monthly allowance, birthday and Christmas money to pay for her own laptop. So everytime my sister wanted to buy something with her money, my mother kindly reminded her that everytime she uses her money its going to take longer for her save for her own computer. Took her 3 years to save 90% of her own laptop, and sine she had been so good at saving money, my parents payed the last 10% of the price.
    So by explaining what kids can do with their own money and also explain that by saving their money they can buy the things they want. Now she’s saving to buy a Iphone. 😉