Our friends over at MintLife.com wrote an article featuring a novel idea on how to teach your kids about money: start a bank!
While we’re hardly advocating creating any undue competition for yours truly, writer Matthew Amster-Burton talks about teaching his young daughter the importance of saving by starting up his own “bank.” After he offered her five-cents interest on every dollar in her “account,” it didn’t take long for her to figure out she’d have about $24,000 by the time she was thirteen.
The article contains lots of points for teaching your kids the importance of saving, even directing you to tools such as FamZoo that can make teaching your kids about money both fun and effective.
Have you started teaching your kids about money management? What’s a financial lesson you wish you would’ve learned earlier? Have you opened an Ally Bank savings account for your child’s future?
Comment on this article
Comments
martha on December 3, 2010 at 7:11am
I would like to open 2 account for my grandchildrens one is 2yrs old and the other will be 1yrs old on feb 2011 however could I start an account for them with the restriction that only my grand kids could withdraw from the account when they are 18yrs old my intention if possible to start each account with 10.00 and every month I will deposit 10.00 to each account can this be possible .
Ally on December 3, 2010 at 3:38pm
Great question, Martha! Good to hear that you are thinking about your grandkids savings so early. Please give us a call 24/7 at 1-877-247-ALLY (2559) or chat us online for more information. We want to ask you some more questions to make sure we help you find the account that meets your needs. Thanks!