One thing that I am trying to teach my younger boys and that is to save money. My older son already knows the importance of savings and I have no trouble with him at all. He has always known the value of a dollar
My youngest son, Nick, is on his way to a banking fortune. haha Our school last year opened up a branch of student banking hosted by the local credit union. Each week students may deposit any denomination of money into their accounts. Nick during the short time it was opened managed to save $98. We did miss the last banking day last year so we carried the funds over.
So with the start of the new school year they began the student banking earlier. Over the summer Nick managed to save $29.81.
The student tellers and bank representative all remembered him (small school helps) as he was the Super Saver of last year. They were amazed at all the change that he had accumulated. I had sorted the coins out placing them in separate envelopes for their ease of counting.
This year in order to teach Nick the real value of saving, which I am hoping it will carry through to his adult life, he will earn a pay check like of $5. From that he will place at least $1.75 of that into his account. This way when he is older he might automatically save from his employment paychecks in the future.
We have had long talks about what interest is. He now understands that while his money is in the bank it earns interest and he gets that. We go over his savings statement as well. Never to young to learn
The hardest point that I had to teach him was that his money was safe and there in his account over the summer. He began crying one day saying that now that the school bank was closed all his money was gone. He did not fully understand his money was still in his name and safe. Finally, after reading his bank statements and long, long explanations he now knows his money was there and still is.
He was so proud of his savings today. When I walked him to class after his deposit, he looked at me and said "I'm big money ballin" That's my boy
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