[beth]

Do your kids have saving accounts that they contribute to themselves (ie. not accounts started at birth by parents or grandparents?) How old were your kids when you introduced them to the concept of saving?

[seeemilywrite]

My mother had me start a savings account as soon as I started getting money from grandparents etc. Half of everything I recieved went into a savings account, that I gained control over when I turned 18. I HATED it when I was younger, but really I would have spent it on crap back then. I was happy to have a little nest egg when I was older.

[beth]

Originally Posted by seeemilywrite

My mother had me start a savings account as soon as I started getting money from grandparents etc. Half of everything I recieved went into a savings account, that I gained control over when I turned 18. I HATED it when I was younger, but really I would have spent it on crap back then. I was happy to have a little nest egg when I was older.

As frustrating as parents can be, sometimes they had some method in their madness. I wish my parents had made me save like yours did -- I had nothing at 18 except what I had earned riding checkouts while at school.

[seeemilywrite]

Its good because you have a little bit of money when you head to school or out on your own. It also got me in the habit of aving half of everything. I started a little from taht when I first went to school, but I still have "save save save" engrained in my memory.

[mommysqueek]

Through my daughters elementary school they have a savings program through an actuall bank. Every Thursday morning she has the option of what she want's to put in there. They give her a bank book and send her statements in the mail.I think that it is a great program about saving money.She enjoys having that responsibilty!

[beth]

Originally Posted by mommysqueek

Through my daughters elementary school they have a savings program through an actuall bank. Every Thursday morning she has the option of what she want's to put in there. They give her a bank book and send her statements in the mail.I think that it is a great program about saving money.She enjoys having that responsibilty!

That's a great idea and it teached kids the value of money very early in life. With the rate of personal debt escalating so dramtaically, this kind of early training will hopefully lower the number of teen who are in debt. I can't believe that many kids have debts of well over $1000 by the time they are 18. Personal responsibilty seems to have gone right out the window in these cases.

[workingdad]

we're trying now with our oldest. She gets a lot of money and we have a piggy bank, but I'm going to figure out some kind of place for her. It's actually hard to set up an account for minors that makes any kind of sense, so I might do a "bank of dad" at home and talk to her about interest rates. I might even give her an "ATM" card she can use with me!