Starter accounts

[Yvonne N.]

So my friends want to give some little children, about five of them, a little something as a starter account. However, they do not want the children to have access to the account until they are at least seven years old and they want the parents to deposit anything they can afford until the kids reach seven. <span style="font-style: italic">They are now under a year or thereabout.</span>
What's the most reasonable amount you'd suggest they start with...for normal people...?

[Bandana]

Re: Starter accounts

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Mrs_Ahmidis</div><div class="ubbcode-body">So my friends want to give some little children, about five of them, a little something as a starter account. However, they do not want the children to have access to the account until they are at least seven years old and they want the parents to deposit anything they can afford until the kids reach seven. <span style="font-style: italic">They are now under a year or thereabout.</span>
What's the most reasonable amount you'd suggest they start with...for normal people...? </div></div>

mi noh know what name &quot;normal people&quot; but I'll answer anyway

In my opinion $100 is a reasonable place to start a savings for someone so young, although I think 7 is a bit early to hand over the reins

[diabolical_Tanya]

Re: Starter accounts

Open the account with 20$ per kid. and then on each birthday you can deposit 10 or so

[Yvonne N.]

Re: Starter accounts

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Bandanna</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Mrs_Ahmidis</div><div class="ubbcode-body">... </div></div>

<span style="font-weight: bold">mi noh know what name &quot;normal people&quot; but I'll answer anyway </span></div></div>

Exactly...you seem to know it better than yu believe...

The <span style="font-style: italic">gifters </span> want to encourage early money management among this little group of kids and they are not rich... ( they are normal)...so they may be willing to start at a little more than twenty...:think...

[Yvonne N.]

Re: Starter accounts

Do our kids need to learn money management?

[Gen]

Re: Starter accounts

Yes they need to know how to handle money. I majored in finance so I started with little gen when she was a toddler. She has 3 piggy banks from toddler days filled with money.

Taught her how to make change for math problems

now that she is into clothes/shopping she knows that &quot;we don't pay full price for anything&quot;

She gets allowance of which part is spent and part is saved

[Peasie]

Re: Starter accounts

That's a GREAT idea for three piggy banks, one designated for each &quot;account.&quot; Tell us more, Gen. What was each designated for?

[kia027]

Re: Starter accounts

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Mrs_Ahmidis</div><div class="ubbcode-body">Do our kids need to learn money management? </div></div>

Yes they do as early as possible
Piggy banks when tey are younger

We use checkbook registers with a chore chart. When they do their chores they receive an allowance that is recorded in the checkbook. If they want a toy or to do something special, they deduct it from their account and we give them the cash. We also deduct when they misbehave or dont do all their chores.

[Bandana]

Re: Starter accounts

<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">Do our kids need to learn money management?</div></div>

<span style="font-weight: bold">*I*</span> need to learn money management


<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Gen</div><div class="ubbcode-body">Yes they need to know how to handle money. I majored in finance so I started with little gen when she was a toddler. She has 3 piggy banks from toddler days filled with money.

Taught her how to make change for math problems

now that she is into clothes/shopping she knows that &quot;we don't pay full price for anything&quot;

She gets allowance of which part is spent and part is saved

</div></div>