All about the Benjamins!
It was a big day for the Lanier kids. TJ and I thought it’d be a good idea for them to get their own savings accounts. That way they can earn money and watch it grow when the choose to save it. I can remember being just a bit older than they are when my mom took me to open my first account.
We chose to open them savings accounts at a credit union where we also have an account. There are some personal reasons for this choice versus a traditional bank. A credit union is a not for profit entity, therefore, as a member of the priority lies more in serving you as a customer than gaining profit. As a member, you become a stake holder and therefore have a say in what happens. There are also tons of benefits that come in lower rates for loans and credit cards which will not apply to the kids just yet, but very well could in the future. It certainly couldn’t hurt to have firmly established accounts for so many years before then.
While it took some time, was quite simple. I showed up with copies of the kids birth certificates and social security cards, and we were good go.
While not legal in any way, they signed their own signatures for their accounts in addition to mine. It was super cute. I really appreciated that the kind and extremely patient woman helping us let it go down that way. They felt such pride and ownership over their accounts. I think it’s super important to give the kids moments where they can exercise some independence and feel like their doing big things.
They’re on their way!
We celebrated with lunch afterwards and discussions of how they planned to save. They’ve since made a couple of deposits of money given as gifts from family members. In the past, that cash would immediately burn holes in their pockets. Now that they are learning the value of saving and seeing their little balances grow they are actually choosing to save. Given the option, they’re making responsible choices on their own…parenting WIN!
What are you doing to help set up the little ones for the future? My attempts at chores are falling pretty flat so tips are appreciated!