One of the Christmas presents the kids got from their Grandma and Grandpa B. were checks. Since it wasn’t a small amount of money, we decided to open savings accounts for them. We also set up a weekly transfer of $10 each from our account. We figure this is a small enough amount of money to where we really won’t miss it, but enough that it will add up year by year. And then when the kids need to buy a car or something like that, there will be plenty of money for them to do so.
I know I have annoyed a few people by not giving out the kids’ social security numbers so they can buy them savings bonds, rather than toys, for gifts. I am just paranoid about identity theft, and absolutely refuse to give their social security numbers to anyone. Now I will put any checks they receive directly into their bank accounts.
So now I just need someone to teach the kids how to save money, since I’m no good at it. :-) They have piggy banks too, and Rylie’s already has a decent amount of cash in it. But I figure that the bank accounts are safer. I wouldn’t want them to have an experience like this…
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