Savings Accounts for Kids

[pennypinch]

I think it is really important to start teaching kids to save money from an early age. The sooner they learn financial responsibility the better off they are I think.

I got my first savings account when I was just five years old and in Kindergarten. Whenever I made the Honor Roll I would get money. I would take it to the bank and deposit it. I was so proud adding that money to my account.

Teaching kids the importance of saving money teaches them self control and studies have proven that they are more likely to attend college.

They have an overall better outlook on life.

It seems too that kids tend to think that money just magically comes out of the ATM. They don't quite get that you put that money in there to begin with. Having them make deposits into their savings will help them have a better understanding.

[centsgirl]

i believe that a child should learn about saving at a very early age, I started savings for my children when they was very young hoping to teach them about money at a young age, also any time the made a few dollars, I had them put half away in the account, and I would match it, so they would have a little nest egg when they was ready to go off to college.