dollar sign.jpg

How old do you think a child should be to open an account at the bank? Maybe 16, 18? How about four years-old? 

 When you’re helping a child learn actions and their consequences, what better way is there than allowing them to see the blessings of saving their pennies? You’ll be showing them how their actions with helping around the house - picking up their toys, helping clean the bathroom or the garage, clearing the dinner table - earns a little money and how it grows, but most importantly, it could be the best way to pave the road for them to understand the importance of giving to charitable causes. 

 Teaching responsibility starts young, and learning about money can’t come soon enough.  By the time they are teenagers they will have a great understanding of what to save and what to spend, and how to share.  

 Some banking institutions and credit unions allow you to jointly open an account with your child for as little as $25 and $5.00 for a savings account.  Their focus would be the savings account.  How great to take your child once a month to the bank and allow them to give their money with a Deposit Slip to the Teller, whether it’s $2.00, $5.00 or $10.  What a sense of joy and accomplishment they will feel by doing so, and their social and communication skills will benefit by conversing with the Teller.  

If they’ve saved $10 at home that month, then as a parent you’ll have to decide how much they can keep for fun, then maybe 50-cents can go into a cup for a charity, and then the rest can go into their savings account at the bank. 

 As they get a little older they may want to hear how the money they’ve saved will assist them when they are teenagers, should they want a car.  That opens the door for another conversation about taking responsibility!


THOUGHT: Saving money. Every thought has an action – the thought is how to save money, what to do with chores to save money, and why to save.


ACTION: Perform the tasks and going to the bank.  Every action has as a consequence – the action is going to the bank, which sets up a healthy routine, and depositing the money. 



CONSEQUENCE: Watching the account grow and the personal development and rewards that follow.  Every consequence leads to building character.



BUILDING CHARACTER: Good job! Pat yourself on the back for what you are giving your child – a wealth of character development that encompasses self-esteem, confidence, problem solving, resilience, compassion, and many more traits that will allow them to have a productive and successful life with endless rewards.

Helping a child learn about saving money is like a life lesson, and that reminds me of the quote by Zig Ziglar:

“Life is a classroom, only those who are willing to be lifelong learners will move to the head of the class.”

If you have a system for helping your children save money, please share with us.  Parents helping parents’ makes parenting a lot easier!

 And if you’re not a parent and have some money-saving ideas, we welcome those, too!

 Our vision is for all children to feel the joy in believing in themselves, the excitement of believing in the power of the imagination, and the wonders of feeling compassion and kindness.

 Thank you,

 Debbie Caldwell