Is it a good idea to start a savings account for your child?

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Replied by FrankN on topic Is it a good idea to start a savings account for your child?

I have a 3 year old niece. For xmas I gave her a $20 savings bond. I hope to be able to teach her the advantages of saving at a very young age!
1 year 4 months ago #1

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Replied by FrankN on topic Is it a good idea to start a savings account for your child?

Joker wrote: I would just like to say one more thing about parents showing their children how money is made and saved. If I had asked my father how much money he made or had in his wallet, I would have come to on the floor with a welt on my face. I broached the subject once and he beat the crap out of me. No wonder I have such huge issues saving, spending and investing money. I was never allowed to know how my parents did it! They said it was none of my business!


I am really sorry to hear that. I have to say, my parents were very helpful in my personal finance journey. They guided me at a very young age.
2 years 2 days ago #2

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Replied by Wanderer on topic Is it a good idea to start a savings account for your child?

Sounds like the typical "old school" reaction. Sorry you had to go through such experiences but I can relate personally. My parents did not share and were not nice on some topics (this is one).
2 years 1 week ago #3

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Replied by Joker on topic Is it a good idea to start a savings account for your child?

I would just like to say one more thing about parents showing their children how money is made and saved. If I had asked my father how much money he made or had in his wallet, I would have come to on the floor with a welt on my face. I broached the subject once and he beat the crap out of me. No wonder I have such huge issues saving, spending and investing money. I was never allowed to know how my parents did it! They said it was none of my business!
2 years 1 week ago #4

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Replied by Lexie on topic Is it a good idea to start a savings account for your child?

Me too Joker. I knew nothing about managing money when I left home. Life is a real eye opener when you're on your own. The sooner you can teach a child about money, the better. And the sooner you can teach them how to handle a credit card, the better. :)
2 years 2 weeks ago #5

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Replied by CentsibleSaver on topic Is it a good idea to start a savings account for your child?

In order for kids to learn about finance, they need to earn some money and pay for things themselves. It can be as simple as earning a buck or two for extra chores and paying for small things they want but don't need. That's how they'll understand that things cost money and it isn't easy to earn that money. They'll be more thoughtful in what they buy.
2 years 2 weeks ago #6

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Is it a good idea to start a savings account for your child? was created by Joker

I would think that it would be a great way to start their financial education for the future. They must learn the value of money and how it really doesn't grow on trees. This can also be an introduction to how to calculate interest. Never hurts to jump start their education in financial topics. I wished my parents had done it!
2 years 3 weeks ago #7

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