It was a big day for the Lanier kids. These children are all “about the benjamins”, so 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. We have some personal reasons for this decision 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. The process, while it took some time, was quite simple. I showed up with copies of the kids birth certificates and social security cards, so we were good go.
While not legal in any way, I thought it was super cute that they signed their own signatures for their accounts in addition to mine and 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 those moments where they can exercise some independence and feel like their doing big things.
So, these little ones are all set up and on their way! We celebrated with lunch afterwards where they discussed goals of how much they planned to save. There was talk of a bearded dragon. Trust and believe they’re going to have to save up for that because I’m not bringing another animal in this house any time soon. My secret hope is that by the time they’ve saved enough for the lizard, plus all that’s needed for it to live, they’ll be over it. 😁 They’ve since made a couple of deposits of money given as gifts from family members that in the past 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!