Big Kid took a field trip last week... to the library, the vet's office and one of the local banks. Obviously the trip had an impact on him because within a week he'd nagged me into the library card. That kid is persistent and does not take no or maybe for an answer.
So, the same day that I came home with a library card, he asked if he could start a bank account. I told him absolutely, but that he had to have $100 to do it with. Of course he goes and pulls out every single bit of change that he's collected in the last year and commenced to insisting that I roll it for him. I did. It took 2 days because I'm slow with this kind of stuff, but we got it done and he had $100 worth of change... almost exact to the penny.
He then told me that he needed to put it in the bank because it could make money if it was in the bank. I explained that he was correct, that it was called interest. I also explained that it would only be like half of a penny in interest on a daily basis and his response was, "That's okay. If I leave it in the bank for 100 years, I'll have another $100."
Alrighty then. He gets it.
We coupled his change with his allowance for the last three weeks... $3.75 and today he opened his very own savings account. At his mama's bank of course. I had to share because I am so very proud that this was his idea and that he is actually interested in saving money. Makes me feel like I'm doing something right.
© 2008 AFRo. All Rights Reserved.
18 comments:
Oh what a smart kid!
We opened one for Wyatt a few yrs ago and Abby has a pile oh cash that needs to go into the bank, that is if I ever get around to opening an account for her:)
That's Awesome. I need to do that for my kids. (Dom probably won't do it cause he wants his money NOW) Devyn and Miah just might be open to the idea. Miah got almost $100 for her birthday and it's just rolled up in a big wad. Devyn has all of his money in a jar (change he has found everywhere and saved) I need to get some coin roller paper thingys (sorry..I forgot the name of them) and set him up.
Thanks for the idea!
You are doing a good job! What a grownup thing for him to do..
Smart boy. Good Mommy.
We set one up when our son was born. One of the things I feel really badly about is that losing my job meant an end to the bi-weekly automatic deposit from my paycheck.
But, any time he gets money he knows we're going to do the 60/40 rule (he gets 60 the bank gets 40) and he has more in his savings than I do in my checking. LOL.
I really want him to understand the importance of saving. I had to learn the hard way. Good for you for passing on the lesson.
That's great that he learned that lesson and wanted to start saving. My girls did the same thing after a field trip to one of our local banks with our Girl Scout troop. It didn't hurt that the bank had given them a certificate for $5 when they opened an account.
Very cool, very cool.
although, i have to say, i wish i had a hundred dollars.
=D
What a cutie!
I AM MOT believing you went to the library! I guess you made it past your issues with that. Good for you! I'm proud of BK for wanting to save. They must've gave him one hell of a talk on that field trip about saving.
Awwww, he's gonna be a banker! You should be so proud.
How'd the party for LK go?
VERY smart kid!!
Good kid! When mine gets old enough can BK sit her down and explain how important saving is...she is only 13 months old and already doesn't listen to a word I say...maybe BK could get through since he is so stinkin' cute!
He's wise beyond his years!
Good job, all!
I am seeing a brighter future if more kids will think like BK. Maybe his generation won't see the rotten economical mess we are in when they are our age!! We can only hope.
That is so cute!!! He is going to be the cutest little banker ever!
Atta boy! What a smartiekins! (What an annoying word... sorry!)
Holly
Afro...where are you?? I miss you and hope that all is okay...
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