My son has been vigilantly saving most of his weekly allowance. When he announced that he wanted to open a savings account once he reached $100.00 I was pleased. So this morning we got up bright and early and headed to Chase (after a stop for breakfast at IHOP) with a whopping $123.00 as his initial deposit. You have to know Tyler to understand why saving more than five bucks is worthy of the highest accolade. In the past, as soon as he received any amount of money he wanted to spend it. And I let him. But I realized he wasn’t grasping the concept of money management if he spent it practically before he got it. But like I said he has been doing remarkably well.
So off to Chase we went. If you want to boast a child’s self-confidence, let him open his own account. He actually has another account tied to one of my accounts but he does not put money in. Instead, 25 bucks a month is taken from my checking account and deposited into his savings. It’s a way for me to make sure I save money for him. But this new account will be his account where he can deposit his allowance or other money he receives or where he can withdraw money for stuff he wants to buy.
I was so proud of him. When we walked into the bank I let him sign in- he was the customer after all. When his name was called I let him tell the banker why he was there. He was a little shy at first but she was understanding and was so happy to see him come in. He gave her all of the pertinent information himself- name, address, phone number, date of birth. The only thing I had to provide was his social security number. The banker was really sweet. She explained to him and showed him how to fill out his deposit slip. She left me to explain how to use the register while she went off to make the deposit. She even gave him a pen for opening an account!
He walked out of the bank with a big smile on his face and his savings passbook in his hand. He was so proud of himself I couldn’t help but be proud also. Although I am so happy he reached this rite of passage it makes me realize how fast he’s growing up. Seems like just a short time ago I was potty training him and trying to stop him from climbing on everything and now here he is opening his own savings account by himself with money he saved. Kids grow up so fast; let’s enjoy the journey while we can.
See also:
Rite of Passage: My Son Tied His Own Shoes
The Fruit of Our Parenting Labor