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hmbress
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Location: Maryland
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| Posted: March 24 2014 at 10:24am | IP Logged
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When I was a kid I remember going to the bank and having my passbook stamped every time I made a deposit or withdrawal. But things are different now!
For your younger kids, if you have started accounts for them, have you chosen a traditional account at your local bank, or are you going with online accounts?
Thanks!
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Heather Rose (ds13, ds10)
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JodieLyn
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| Posted: March 24 2014 at 10:33am | IP Logged
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For my younger kids we do a "virtual account" for them. That means they give me the money and I put it into their "account" in Quicken. There is no actual bank account. The money if it gets there goes into my bank account and I just keep track of it for the kids. This works out really well because they can save for something and I can easily spend the money for them when they decide what they want.
Only when they start having income of their own do they get an actual bank account.
I have 10 kids and it's so much easier this way. The kids can see the money entered in their account. When they give me money to buy something I put in what it was spent on (rather than the store) so they can also look back and see what they bought. Plus when they find a nickle and run to me to have it put in their account it's not like we have to make a special trip to the bank for a nickle 
Oh.. benefit.. when my son was working on the Personal Mgmt merit badge in Boy Scouts and needed to track his money for 3 months.. all we had to do was print out his "account". 
But anyway.. I think this gives the kids the same benefits of using a bank without the drawbacks. And since the actual money is in my account, it's much more readily accessible.
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Jodie, wife to Dave
G-18, B-17, G-15, G-14, B-13, B-11, G-9, B-7, B-5, B-4
All men who have turned out worth anything have had the chief hand in their own education.
-Sir Walter Scott
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guitarnan
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| Posted: March 24 2014 at 10:48am | IP Logged
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Our children have accounts at our credit union. The credit union has a special packet for Young Savers, which was a fun way to introduce my younger child to banking.
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Nancy in MD. Mom of ds (24) & dd (18); 31-year Navy wife, move coordinator and keeper of home fires. Writer and dance mom.
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Erica Sanchez
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| Posted: March 24 2014 at 3:30pm | IP Logged
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All of my children have accounts at our local credit union. It happens to be right next to where they have taken piano lessons for many years which makes it super convenient for making deposits. They love it and I think it has really helped them save money. Our oldest now has a checkbook and bank card for her account, but the others just deposit money and very rarely make a withdrawal. When they are young, we/they deposit money they receive from birthdays and such. The five oldest now have income from yard work, babysitting, cleaning jobs, etc., and some have a decent amount of money saved.
At home we use an envelope system which is mostly for the younger set. They have an envelope each for savings, tithing and spending and keep these in a larger envelope decorated with their name, stickers, etc. They are kept in a drawer in my desk. It has been a very good way to teach about money without the clutter of piggybanks. When they have money in their savings envelopes, they take it to the credit union on piano days. :)
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Have a beautiful and fun day!
Erica in San Diego
(dh)Cash, Emily, Grace, Nicholas, Isabella, Annie, Luke, Max, Peter, 2 little souls ++, and sweet Rose who is legally ours!
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4Real Forums : Tea and Conversation
Topic: Kids Savings Accounts
