The Beatty Family: Junior Savers

Junior Savers, originally uploaded by ramseybean.

Today Jim and I took Erin and William to the Community Bank of Downers Grove to open their first bank account. Our local bank is known for all of the fabulous incentives they provide to kids in order to encourage them to save. The kids brought in their piggy banks and had the money counted by the teller. They received new piggy banks, t-shirts, coupons for free ice cream and 'treat dollars' they can spend at some of the local businesses in town. They thought they had hit the jackpot. It was super cute and a very fun experience. Erin told the woman who opened their account that she "should have more money than William because I have been alive longer." This is a picture of E & W with Mr. Busse, the President of the bank. He showed them around the bank and gave them their 'treats'.

I must admit that I remember opening my first savings account at Bank of America in Vista. I was probably in middle school. I remember what the bank looked like inside, sitting in the chair, that feeling of being closer to adulthood. I did ponder whether we should wait until they were older to open savings accounts to make it more meaningful. But at the same time, I think it is important for them to understand how important it is to save. The issue of money is tricky and one which Jim and I know we'll have to hammer out soon enough. Things like: When should they start giving part of their money to charitable causes? When can they use their own money to buy something? How do we/they determine what merits using their own money? How do we feel about allowances?....the list seems to go on and on. We have been able to deflect most of it so far but know we have to come up with a mutual philosophy so we can start teaching them the value and power of money. For now the money is safe in the bank. When it is in their room there is always the temptation to snag a few dollars to try and convince me to let them 'buy' something.

William 'won' a $2 bill in the Junior Savers game and this is a picture of him redeeming his coupon for his $2. Erin scored even bigger and won a $5 gift card to Dunkin Donuts (how soon are we going? is all she wanted to know)