With a receipt in her hand documenting the coins she put in the coin counter, the flower girl money she was gifted and a deposit slip for $338.21, my four year old proudly went up to the teller and said, “I’d like to make a deposit, please.” Then I reminded her, “Wait for your receipt so that you can see how much you now have in your savings account.”  The teller handed her the receipt, and she graciously said, “Thank you” while eagerly awaiting the teller to offer her a lollipop. She looked at her receipt with a puzzled look as she’s done in the past because it has multiple different amounts listed: the starting balance, the deposit amount and the new balance in her savings account. “Which one is the amount I have saved now, Mommy?” Quinn inquired. Pretty soon, I’m confident she’ll have that all figured out.

When Quinn was under a month old, her father and I opened up a savings account in her name because we want her to not only understand the importance of saving but to be eager about saving her money not simply to buy “things” she wants but to be financially secure and independent as an adult. Currently, she loves going to the bank and not just for the lollipop (though that doesn’t hurt). I thinks she loves saying, “I’d like to make a deposit, please.”

Whenever she comes across any loose coins around the house, on the ground or anywhere during our travels, she immediately point it out, pick it up and ask, “Is this one a quarter or a nickel?” Regardless, she wants to put it in her piggy bank sitting on her dresser. While she knows not to take any money that does not belong to her, at times, she’ll jokingly try to claim any of our loose change or beg us to put it in her bank because, as she rightfully asserts, “I’m too young to work and can’t make any money yet!”

Since, Quinn does not earn an allowance as yet, we do often give her our loose change, but when she does, we’re hoping she’ll keep wanting to save at least a portion of it and be happy knowing that she’s doing a great job saving and making her parents proud.

All the best,

Tanya