Ok so tonight, as we frequently do J was given Mine and Grandma’s spare change to put in his money tin. Now this money tin is getting fairly heavy now with all the pennies and five pences that he has gained over the past two years since I opened his savings account. He’s 3. But as far as I am concerned its never to young to save.
I have to confess as a child I was terrible at saving money! About the only time I had any would be on birthdays and christmas and it got spent immediately. It was such a thrill to have it that it was simply too exciting not to spend it there and then. I have to shamefully admit I can still be like that at times however I have made a point of always having a savings account that I have added to little and often. Eventually I use it for something or another, my current target, a Sigma 18-250mm lense.
So why did I open J a savings account at the age of 1? Well when is it to early? As far as I am concerned never. The goverment very kindly give us £250 when we have a baby to put into a trust fund so theres the first lot of savings they are going to have, but why should it be the last?
Once J has a full tin we will take it down to the bank and place it in his account, now I’m sure for a three year old this is going to seem quite strange but he LOVES to hand money over (wonder where he gets that one from!) if we are out shopping and I’m paying cash he takes great delight in paying and then taking the change, and of course the shop keepers think he’s adoreable 😀
Do your children save? Do they have anything other than their trust fund? How have you taught them the value of money?