Comments on: I May Have Found the Perfect Coin Bank for My Son http://www.bloggingawaydebt.com/2006/10/i-may-have-found-the-perfect-coin-bank-for-my-son/ Our Journey to a Debt-Free Life Mon, 13 Feb 2012 00:10:21 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: D http://www.bloggingawaydebt.com/2006/10/i-may-have-found-the-perfect-coin-bank-for-my-son/comment-page-1/#comment-2676 D Mon, 30 Oct 2006 16:46:22 +0000 http://www.bloggingawaydebt.com/2006/10/i-may-have-found-the-perfect-coin-bank-for-my-son/#comment-2676 I can't believe your bank requires $50 for a childs account. That is huge! All the banks in my area only require $10 and that is the minimum for the account as well. I can’t believe your bank requires $50 for a childs account. That is huge! All the banks in my area only require $10 and that is the minimum for the account as well.

]]> By: Tricia http://www.bloggingawaydebt.com/2006/10/i-may-have-found-the-perfect-coin-bank-for-my-son/comment-page-1/#comment-2610 Tricia Sun, 29 Oct 2006 17:25:14 +0000 http://www.bloggingawaydebt.com/2006/10/i-may-have-found-the-perfect-coin-bank-for-my-son/#comment-2610 Sheri - that's pretty awesome that the school has a program like that. Our schools do not. I think I will end up opening an account for him once he has enough to open an account (currently $50 at my bank). Anonymous - thanks for the tip :) Ralph - thanks for your ideas about the bank. You've given me more to think about and discuss with my husband before we make a purchase. D - yeah, the bank is pretty big. I remember those coke bottles and those were huge. Could you even pick it up once it was full? LOL. Sheri – that’s pretty awesome that the school has a program like that. Our schools do not. I think I will end up opening an account for him once he has enough to open an account (currently $50 at my bank).

Anonymous – thanks for the tip :)

Ralph – thanks for your ideas about the bank. You’ve given me more to think about and discuss with my husband before we make a purchase.

D – yeah, the bank is pretty big. I remember those coke bottles and those were huge. Could you even pick it up once it was full? LOL.

]]> By: D http://www.bloggingawaydebt.com/2006/10/i-may-have-found-the-perfect-coin-bank-for-my-son/comment-page-1/#comment-2604 D Sun, 29 Oct 2006 14:59:12 +0000 http://www.bloggingawaydebt.com/2006/10/i-may-have-found-the-perfect-coin-bank-for-my-son/#comment-2604 I like the bank, but I would go smaller. We used to have the big coke bottle and it just took so darn long to fill. A smaller bank, helps you reach goals faster. I pay my youngest 1 penny for each mail piece he brings in from the box. This helps fill his pig. I would open him a savings account at the local bank to. And let him be the boss and show him his earnings and all the things that go along with this. I like the bank, but I would go smaller. We used to have the big coke bottle and it just took so darn long to fill.

A smaller bank, helps you reach goals faster. I pay my youngest 1 penny for each mail piece he brings in from the box. This helps fill his pig.

I would open him a savings account at the local bank to. And let him be the boss and show him his earnings and all the things that go along with this.

]]> By: Ralph Morgan http://www.bloggingawaydebt.com/2006/10/i-may-have-found-the-perfect-coin-bank-for-my-son/comment-page-1/#comment-2582 Ralph Morgan Sun, 29 Oct 2006 02:31:16 +0000 http://www.bloggingawaydebt.com/2006/10/i-may-have-found-the-perfect-coin-bank-for-my-son/#comment-2582 The train money box looks like an exciting toy for your son - but I'm just not sure that making the act of saving an immediately gratifying "fun" experience is the best approach. I just use a couple of standard money boxes for my son's allowance and any gifts/lose change. The money from one box gets put into his bank account - and the main focus is on explaining why you save money to buy big items that cost a lot (budget/plan), and on the process of counting the coins (math) and depositing the money into the bank (what banks do, bank statements, interest). The second money box is used to have some money to put into his "school banking", which is similar to what Sheri described. He also has a retirement accout I set up and some stocks, so we can discuss this (at an appropriate level) when the statements arrive in the post (I think nearly all kids love sorting and opening the mail). Luckily my son doesn't pester to buy things, and, so far, has saved money but never wanted to take any out for spending. He finds the idea of money/banking/interest quite interesting (probably because he sees daddy doing a lot of money related things). It also helps to be up front discussing day to day things like how you earn money, what it has to pay for (food, utilities, mortgage/rent) etc. Hopefully this will get him used to thinking of money as something to be "managed" with long-term outcomes in mind, rather than just a source of immediate gratification/fun. Regards http://enoughwealth.blogspot.com The train money box looks like an exciting toy for your son – but I’m just not sure that making the act of saving an immediately gratifying “fun” experience is the best approach. I just use a couple of standard money boxes for my son’s allowance and any gifts/lose change.

The money from one box gets put into his bank account – and the main focus is on explaining why you save money to buy big items that cost a lot (budget/plan), and on the process of counting the coins (math) and depositing the money into the bank (what banks do, bank statements, interest).

The second money box is used to have some money to put into his “school banking”, which is similar to what Sheri described.

He also has a retirement accout I set up and some stocks, so we can discuss this (at an appropriate level) when the statements arrive in the post (I think nearly all kids love sorting and opening the mail).

Luckily my son doesn’t pester to buy things, and, so far, has saved money but never wanted to take any out for spending. He finds the idea of money/banking/interest quite interesting (probably because he sees daddy doing a lot of money related things). It also helps to be up front discussing day to day things like how you earn money, what it has to pay for (food, utilities, mortgage/rent) etc.

Hopefully this will get him used to thinking of money as something to be “managed” with long-term outcomes in mind, rather than just a source of immediate gratification/fun.

Regards
http://enoughwealth.blogspot.com

]]> By: Anonymous Informant http://www.bloggingawaydebt.com/2006/10/i-may-have-found-the-perfect-coin-bank-for-my-son/comment-page-1/#comment-2581 Anonymous Informant Sun, 29 Oct 2006 00:46:38 +0000 http://www.bloggingawaydebt.com/2006/10/i-may-have-found-the-perfect-coin-bank-for-my-son/#comment-2581 I thought you might be interested in this big Minneapolis StarTribune series: Financial Fix Ups -- "Dealing with their debts" It's about three familes in debt and what they're doing about it. http://www.startribune.com/fixups I thought you might be interested in this big Minneapolis StarTribune series:

Financial Fix Ups — “Dealing with their debts”

It’s about three familes in debt and what they’re doing about it.

http://www.startribune.com/fixups

]]> By: Sheri http://www.bloggingawaydebt.com/2006/10/i-may-have-found-the-perfect-coin-bank-for-my-son/comment-page-1/#comment-2571 Sheri Sat, 28 Oct 2006 23:24:37 +0000 http://www.bloggingawaydebt.com/2006/10/i-may-have-found-the-perfect-coin-bank-for-my-son/#comment-2571 My son's school works in conjunction with Washington Mutual so he was able to open an account when he was in kindegarten. He is now in 3rd grade and has over $200 in his account. I give him $1.00 a week and my Mom does too. We had only been doing this during the school year until this summer when we stopped by the local bank once a month. He also has cash on hand that he receives from relatives. He loves to save! My Grandmother started purchasing saving bonds for him when he was born and my Mom has kept up the tradition. He receives a $50 bond twice a year. This will certainly help towards his college fund. I think it is very important to teach saving techniques at an early age. Last year he collected change for Unicef and has started again this year. My son’s school works in conjunction with Washington Mutual so he was able to open an account when he was in kindegarten. He is now in 3rd grade and has over $200 in his account. I give him $1.00 a week and my Mom does too. We had only been doing this during the school year until this summer when we stopped by the local bank once a month. He also has cash on hand that he receives from relatives. He loves to save! My Grandmother started purchasing saving bonds for him when he was born and my Mom has kept up the tradition. He receives a $50 bond twice a year. This will certainly help towards his college fund. I think it is very important to teach saving techniques at an early age. Last year he collected change for Unicef and has started again this year.

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