Saving for the Kids

My two-year-old son’s savings account has nearly $700 in it.  I had no idea it had climbed that high, but I just got a statement from the bank.  We started the savings account shortly after he was born, putting $25 into his account each month through a direct debit from our checking account.  (This is our checking account in North Carolina at the Credit Union which has our emergency savings fund and into which my father-in-law deposits his half of the cell phone bill.)

It has never occurred to me to use that money for our debt.  The money is off-limits to us, because it belongs to my son.  It’s important that we continue saving for his future, just as my parents did for me.  When I married, my mom gave me some savings bonds to cash that she took out for me when I was a baby.  It wasn’t enough to buy a semester’s worth of books, but  it was enough to buy my husband a handsome gold band.  (And my parents helped a lot with my college expenses, too.)

I want to be able to do that for my children.  I want them to have some money to help get them started – whether they use that money for college, for job expenses, or some other item.

I hope to teach my children the value of investing.  I hope that my husband’s and my guidance will teach them to use that money wisely – for something that will add to their value – an education or an non-depreciating asset like a house.  I’ve been reading a lot of blogs in the past few days that talk about teaching kids about money, and I think they are well worth reading.  In fact, several bloggers have been very age-specific!

Madison at MyDollarPlan talks about teaching infants and toddlers about money.  We’ve got to get a will together, and she mentions investing in a 529 (which we have, but need to contribute more) and not buying life insurance for the kids.

If you have preschoolers, check out PaidTwice’s article on Teaching Preschoolers About Money.  She’s got some really good points.  A personal favorite of mine was the article she wrote about how she taught her three year old the value of two dollars – I was amazed that her son was able to forego immediate gratification to get what he wanted more!

Lynnae at Being Frugal talks about Personal Finance for School-Aged Children (specifically ages six to nine and nine to twelve.)  While I don’t have kids that age, I’ve worked with them as their teacher before, and I think Lynnae’s ideas are perfectly suited for each age group and what they understand well.

Check out these blogs if you haven’t heard of them before – I always enjoy reading them.  Their comfortable style of writing and good grasp of the issues really make them useful in a journal to financial freedom!

Advertisements

4 Responses

  1. Thanks for the mention! I love how you are already saving to help your son get started out on his own as an adult! Way to go!

  2. You’re welcome, Lynnae. I always enjoy reading what you have to say.

  3. Great job saving for you son! You are setting such a great example for him. Thanks for the mention.

  4. WOW!!!!!!! Thaks really a good idea

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: