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Old 05-13-2009, 01:21 PM
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Children and saving

Have you introduced your children to saving? How are they at it?

We have here, I help at the school bank (as a parent helper). Children have their own bank book and they bring their own pocket money, some bring in as little as 10p but it is their own pocket money an it is a start for them.
They are so proud when they do this too. I enjoy helping at the bank.
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Old 05-15-2009, 06:35 AM
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Quote:
Originally Posted by madmum
Have you introduced your children to saving? How are they at it?

We have here, I help at the school bank (as a parent helper). Children have their own bank book and they bring their own pocket money, some bring in as little as 10p but it is their own pocket money an it is a start for them.
They are so proud when they do this too. I enjoy helping at the bank.
What grade are these children in? I really like this idea.

My son is really wanting to earn some extra money this summer but he is like his Dad...money burns holes in their pockets. ((SSSHHHH..I didn't say that!!).

I'm looking for ways to teach him about saving some of his money.
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Old 05-15-2009, 06:41 AM
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They are in reception, YR3 and YR6 junior school (we are in England)

If your school doesn't run one maybe you can open a child bank account where you bank and let him bank Saturday mornings, if not possible

Buy a small home cash register that locks, a cash book and do a home bank, where he can put in, he has his own home made bank book and he has to sign for it to come out of the register, we did this before the school started a bank.
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Old 05-16-2009, 10:49 AM
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I started with a set amount weekly. !/3 goes to church, 1/3 to the bank and 1/3 to her. The amount goes up as her age does but so does her responsibilities and what she is expected to buy with her money. I also buy 5 lunches a month to buy as she chooses. Now she is in 6th grade and I buy for 4 months at a time and if she goes over she must pay it out of her allowance .She had to do it once and did not like paying after the fact, I reminded her that was what happened when you use a charge card. I also give her an amount when we go out. Dgd has to buy her whole meal for that amount. We talk freely about money and bill paying in front of her.
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Old 05-16-2009, 11:59 AM
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I started school savings account years ago for my kids. When they graduate from high school I gave them to them. I also bought Savings Bonds for my kids thru my pay check every week.

This all comes in handy when college bills are due.
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Old 05-16-2009, 01:20 PM
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We did the EE Bonds through paycheck deduction also it made it really nice as you didn't miss the $10 a week. We will devide the bonds up between the girls when they get ready for college.

I've also ordered EE Bonds using my Avon PC points for the girls.

Both have had savings accounts since they were born and all gift money goes in them. DD1 is now starting to give us some issues over that now as she is 13 so all checks get deposited and cash she gets to keep and save up to buy things she wants.

We also give them portions of garage sale money for selling things they no longer want nor use.

Roberta
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