Wednesday, June 06, 2012
I took y six year olds to open tehir first bank account on Saturday. Although they have a trust fund, they do not have a savings account and as the money was building up in tehir money boxes, I thought it would be best for them to pay some in. They only had £22 each, but they were very excited about being able to open an account and start to save some money. They want some very expensive toys and so they will need to save hard. I have therefore given them a selection of jobs that they can do each day and earn money. They get a sticker for each completed job and when they have 10 they get £1 to put in tehir money box. Once they have saved a few pounds, they can pay it into tehir bank account. It helps them understand how it is better to save for something big than spend their money on small cheap things and it is a good start to their financial education.