Investing Sr. Associate
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Anyone out there try to teach the importance of savings to their kids by creating a kinda 'mom and dad bank' where the children can keep their money and earn interest from their parents? I don't mean at regular bank interest rates, but something like, "Hey, I'll give you $5 at the end of the month if you dont spend that $10 now."
If I were to do it, I think something like that would be great to teach about savings, at least for the younger children because they can grasp a short time period like a month, and a somewhat generous interest rate. Obviously, for older kids you couldn't be that generous because they might be able to "break the bank", lol.
I think it would make more of a statement than "put your money in the piggybank" because the money in the piggybank is being saved to help pay for something more expensive later, but is somewhat unrealistic from the real world where you can at least earn interest on it. |
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