Monday, February 19, 2007

High Finance

I hadn't paid the kids their allowance since the end of last year, so they were due some serious money. We settled up yesterday. M got almost $30, after taking out money he owed me. Today, he managed to spend almost $14 of it - on Yu-gi-oh cards. He says he wants to save up for an iPod nano - and he calculated how much he would have by his birthday (including counting his "chickens" of money he thinks he will get). He figured he would have enough by then to get a refurbished iPod - but not if he keeps spending his money. M finds it hard to save if the money is there.

A, on the other hand, is a die-hard saver. He finally bought the Nintendo DS he wanted. When it came time to pay me back, we calculated how much he owed me - then subtracted the $60 I borrowed from him last summer, the $50 Target gift card (his prize for selling popcorn) and his allowance - he owed me a grand total of $3.50! Wow. And he still has a bunch of money. I think we need to open up a bank account for him. I wonder if I can find one that actually pays some decent interest (like at least 1%)...

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2 Comments:

Blogger Carol P. said...

The credit union we belong to has a pretty good kids' program, with saving incentives, making a big deal about deposits, money awareness classes and handout for kids. J and M both have accounts there (I think J got a $10 credit added to her account for referring her little sister), and it's been very worthwhile. Now Grandma and Grandpa send birthday/Christmas checks directly to J and she has an account to deposit/cash them in.

See
http://www.firsttechcu.com/accounts/youth/accounts_youth.html

to see what one Credit Union offers; I'm sure there are others out there. And check your local bank to see if there are special programs for kids.

11:11 PM  
Blogger Katherine said...

I'm pretty sure our bank doesn't have much special for kids, but I can check around the other banks. D says that he thinks the credit union he's eligible for has moved out of town - we could still use it, but more like an internet bank. I will check on it and on places like ING direct.

Your credit union looks pretty good. I need to get M to read the newsletter on planning how to save.

10:58 PM  

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