Do your children have savings accounts?

my girls were given bank accounts for thier 2nd birthday by thier aunt an they have a nice ammount in there now they can't touch it till i think they are 21 an my daughter asked about getting a job to start putting money it in also but at 15 i think she needs to worry about school but both my girls grew up working the flea markets with thier dad an me an then helping thier grandma at the market to so thank god they know how hard it is to earn the mighty dollar so they think before they spend

Yes, both of my girls have savings accounts. I started them when they were little and I try to add money to them each week. My oldest daughter works and so she adds to hers when she has the extra money too. My youngest does do some chores to make money and she will usually save it too. I am hoping that they don't do much with this money until they get out on their own and they will need the money then.

i have no child. my parents also did not make saving acount so early for us, I think what your have dome is raelly something nice. i appreciate it. it will make their future easier.

Hi Gemini_rose, yes from the day they were born all three of mine have had savings accounts and I have taught them the value of money so much so that my eldest can actually help me out sometimes bless. I also have the new child trust fund for my son which is adding up nicely. I always saved myself as a child and encouraged mine to do the same. Keep up the good work. My younger brother is a spendthrift and that is no way to live and I am trying to teach him how to budget. My eldest daughter went to Australia and Fiji in her gap year on her savings, my younger is saving for her first car and my little son saves for icecream bless but he could by the van really LOL. Ellie :D

Yes I opened a saveings account for my son at the same bank I use. He is so thrilled that I did this for he know's when he turns 18 that he can do what he wants with the money that is being saved up for him. I did this for him for something like this was never done for me and I had to do it all from scratch and let it build on my own. He has it building now for him that he can get a car or apartment of his own and the money will be there for him to do so.

First of all, it's great that you started accounts for them so early, and even more so that they like to "compete" to see who ca get the most saved, that's great. I don't have any kids, but I'll answer for myself. My parents started an account for me when I was about 10 years old. I got to keep half of what I got for my birthday, and they put the rest in the savings account. This really helped when I moved out of the house at 17 to go to college and helped pay for food and books and such while in school. I fully intend on starting a savings account as soon as I have a child, it's customary in my family to give money to the kid even when they are not able to walk yet, so I'll start the savings account in my name, then transfer it to them when they are old enough. It's much easier to start saving early then to try and make up for lost time.

I don't have children, but when my sister and I were born my parents did the same thing that you are doing, right down to the letter. I caught on, my older sister did not. I am now absolutely neurotic about saving money, and my husband has me managing all of the finances. When I was little I saved all my "tooth fairy money" on my own, and when Canada introduced the "loonie" ($1 coin) in 1987, I saved every one that Grandma would give me, and every one that I got back as changed. By 1990 when it was time to go to Denmark with my mother and grandfather, I had $150 in my "little grey purse."

I opened a savings account for my son when he was born in 2006, and i am planning on opening one for my daughter who was born 3 months ago. There isn't much money in my sons savings account, but there is abit....... which is better than nothing and at least it increases with interest because its a young childs savings account. I enjoy putting money in my sons account, because its nice to feel that it will help him in the future when hes old enough to be responsible with money. ~Joeys wife

Hi gemini, That is a great idea! I know it will give them so much lesson in life about handling money wisely...Great that your boys are responding positively about it..great signs! LOL! My parents didn't have any saving my Sister and I since that time, only Dad was working and it was just enough for our expenses and their savings...But, every time Mom will give us money, we will save it in our piggy bank..No interest though! LOL! Then, I remember before I used to buy candies and will sold it in the SCHOOL..lol! I loved earning a little amount doing that and helps me to buy what I want during Christmas!

My son had one when we were in Samoa and used the funds every time we travelled to New Zealand. It was his pocket money to spend. I have yet to open another here in USA. I should look into it though. He turns 6 on Saturday and has a piggy bank full of coins. Any coin he finds around the house or in his fathers pants pockets LOL he puts it in his piggy bank. He has a wallet that he keeps his single dollars in and saves it for special things he wants to buy. I think I'll look into it his week. Thanks gemini_rose! I've always been useless with saving money. I think my son will be better at it than I ever was.

We started small accounts recently for the boys. Our oldest doesn't value his money...not at all and we're a bit disturbed about this and we're hoping the savings account gets him interested in saving money. Our youngest is the exact opposite. He'll pick up pennies from the ground and makes a big deal about getting money. He has a change bank with a digital readout, letting him know how much he's saved and he has a wallet to keep his birthday money in (and he makes sure he knows exactly where it is) when he gets $50, we take it to the bank, put it in our account and then he likes to watch when it gets transferred into his savings account online. Our youngest is also less likely to spend all his money when we go away...he'll spend a little, but like coming home with money. We hope they'll save this money for the education and/or first car... but who knows, maybe our youngest will be a millionaire by the time he's 18!

When I was growing up, me and my brothers had savings account. Though my parents never really taught us about the meaning of money, birthday money would go in there but we didnt 'earn' money for doing jobs. I think we were given pocket money so we didnt have the excitement about earning money nor being encouraged to save. When I have children I will open an account for them and encourage them to earn money and see if we can plant a money tree!! lol Glad your boys have caught the saving bug but they do have to remember its not a competition!! Do you give them the same amount regularly or do you top one up so they have the same amount in their account??

Its a real good idea to have the kids saving at a young age,it gets them into the right frame of mind ,and teaches them that its good to have a little bit behind you as you get a little older.

My kids have saving accounts. My son is 15 and has a buddle in his. I told him he has to use it for something useful such as a car, a house or education. He puts his own money in there.

Yes they have,today they are adult and manage it by themself.

My daughter doesn't have a savings account right now. She has a full time job though. She is saving her money up to buy a car. We have a safe here at home that we save her money in. I keep track of it for her so she will save enough to buy the car with her earnings. She loves putting her money in there weekly and watching it grow. I have to make sure she does not overspend out of it though.

Funny thing, I hadn't thought to start a savings account for her yet. But why not? It's been four years and that is four years lost interest. I have much catching up to do. Thanks for the terrific idea. Be well. Have a pleasant day.

i started the sprites savings account shortly after her first birthday from the change in her piggy bank that had been collected from the time shed been born. over the years as her piggy bank became full.. once again a trip to the bank would be made to do a deposit. as soon as she was even remotely capable of doing her own banking herself, she has been.. and i say remotely, because she really wasnt fully capable considering she was barely 3 and had a hella time dragging her bunny bag across the bank lobby, but insisted she be allowed to do it herself anyway LOL back then shed get plopped up onto the counter and hand over her coins and a deposit slip id already filled out for her.. now, at age 8, while she still needs to be picked up and plopped onto the counter, she fills out her own deposit slips, signs her name, and collects her lollipop from the teller all on her own. her bank account is set up so that withdrawls cannot be made on her account by anyone but her.. and she isnt able to do so until she reaches the age of 18. at the rate shes going.. with every penny nickle dime and quarter she finds.. allowances earned.. gifts given..and eventually part time employment (shes already asking when she will be allowed to get a job) all being put into her savings.. by the time she reaches 18, she will have quit the nest egg established.

We opened a saving account for my son since he was born. We kept all his New Year Red Packets in the account. Now , he has quite a lot of money in it.

Im not very good in that department. I have been slacking in that area. Everytime we have extra money and are going to open one something happens to where we have to spend that extra money. We are one of those families that live paycheck to paycheck and pretty much every penny is counted for. Thats another reason why i wanted to try this site out when i heard about it. Not only can it be extra money to spend ON my kids but its mainly extra money FOR my kids. Once they all are in school im going to go back to work and then we will have extra money to afford to be able to do what we havent been able to do for them yet. Im glad alot of other people have been able to do that for there kids. mine will eventually have one. makes me feel bad thinking about it because i know they should have one already but what can you do when you dont have that extra cash to do that. we wanted to start a christmas account to where a certain number of money goes in it thruout the year and then when christmas comes around we have the money in there to spend and havent been able to do that either. plus with the way prices are these days. they are raising the prices of everything but arent raising the prices of your income. so you end up going into debt becasue of it.