My husband and I made the decision early on that we would open a savings account for each one of our children on their second birthday. I had a savings account growing up and it gave me a real sense of pride every time I made a deposit – even if those deposits were sometimes $1.75. I think that saving money provides older children with a better understanding of the value of a dollar, something that is never too early to start.
It all begins with a basic piggy or savings bank. Gifts from family or friends as well as your own loose change can be ‘deposited’ in the bank. Once the money builds up you can head over to your local bank to pick up coin rolls to roll up the loose change before making the deposit into your child’s account. Kids love to help with the coin rolling as they get older! It has become a favorite pastime for my two girls.