Re: Does your child have a personal savings account?[ Edited ]
06-09-2014 08:16 AM - edited 06-09-2014 08:21 AM
Yes, both of kids (5 & 3) have a young savers account. My oldest knows she has an account and we have taken money up there to deposit in it when her piggy bank is full. We started it when she was really young with money she got in birthday cards, but now that she is older she likes to pick out something to buy with her birthday money. We just started the 3 yr olds about 5 or 6 months ago, same way- birthday card money. I keep trying to convince my in-laws to deposit money in the savings accounts instead of buying them too much stuff at Christmas that they never play with, but of course they don't.
That is a great way to do that Tammy- may have to start something like that with my oldest now.We have told her that the intention of it was so that when she is older she can use it towards her 1st car, or maybe towards college-related needs.
P.S. My oldest "made" quite a few dollars when she started learning the Pledge of Allegiance in pre-school. A family member thought it would be cute to give her a dollar when she did it for us and next thing we know she was saying it for everyone that came over. She was rolling in money on Thanksgiving, lol.