August 14th, 2009One thing I used to love doing as a kid was emptying my piggy bank and counting all the coins inside, something that now Felicity and Chase love to do. Since Felicity is old enough to know how the concept of money works, we’ve been encouraging her to save her money and not spend every penny she has. Our rule has pretty much been to keep half of her money for savings and let her have the other to spend on the things she likes, which most of the time is a new book or a Build-A-Bear stuffed animal.
Today we took her to the bank so she could open up a savings accounts. We explained to her how she would be keeping some of her money in the bank, but would still have some at home to use when she wanted to buy something. She was excited as she counted out the money she was going to deposit and proudly showed me her receipt once she was “official”. She’s also looking forward to receiving her statement in the mail letting her know how much money she has in the bank. Plus, she’s excited to be getting paid interest, even if it’s only a few cents at a time.
When she was younger, she thought all you had to do was show the bank your ATM card and they automatically gave you money. She would get so disappointed when she would ask us if she could have her own “bank” card, and we told her she couldn’t have one. She didn’t grasp the concept that you actually had to have money in the bank before they would give you any money at the ATM machine!
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Oh how sweet your daughter is. It’s good that you opened a savings account for her. She will now learn how to save her money in the bank.
She is cute with the ATM card!!
When I was little, I couldn’t understand why my mom & dad didn’t have a checking account. I thought all you had to do was write a check and you paid a bill and got money back. Like your daughter, I didn’t know you had to have the money in the bank.
What a letdown it was when I realized the truth!!!
I wish it was that easy to get money. I’m still crossing my fingers that a money tree will start growing in my backyard!
If you find a money tree growing in your backyard, can I have some of the root so I can plant one in my yard too???
Sorry, but I’d have to give some to my mother and mother-in-law first. Who am I kidding? I’d probably take it myself and see how many more trees I could grow from it! Although if you want to be technical, money is made out of paper, and paper is made from trees, so does that mean that orange tree in my backyard is really a money tree in disguise?
Hey I’d like some of that money tree too!
Too bad it ain’t gonna happen but it’s fun to dream%%%%%
I think it is wonderful that you are teaching her the value of money. This will help her to become responsible when she gets older.