This post is sponsored by Boiling Springs Savings Bank. All opinions are my own.
This past week was a big one for my five-year-old daughter. She lost her first tooth! She was so excited that she did a crazy dance that had her jumping about and rolling on the floor which had me laughing hysterically. It certainly was a rite of passage, but my daughter wasn’t as excited about becoming a “big girl” as much as she knew that the Tooth Fairy was going to pay her a visit.
Now when I was a kid and I lost a tooth, the most I ever found under my pillow was a quarter. Apparently, those days are long gone; the Tooth Fairy no longer leaves kids loose change!
The established (via our seven-year-old son) Tooth Fairy rates in our house are $5 for the first tooth and $1 for every subsequent tooth – or else we’d go broke! So before bed that night my daughter carefully placed her little tooth under her pillow and awoke in the morning to find that her fairy friend left her a nice, crisp five dollar bill.
After excitedly showing me her newfound money, the next words out of her mouth were “what can I buy with it?” I suggested to her that it might be better to save it for a rainy day rather than spend it right away. She thought about it for a moment and replied, “okay, so when is it supposed to rain this week?”
When it comes to teaching kids about money, it’s never too early. Teaching children about the importance and significance of saving at an early age will lead to healthy lifelong financial habits and fundamental life skills such as making smart choices about both earning and spending money.
So how do you teach your kids to save? Here in Northern New Jersey, where we live, Boiling Springs Savings Bank offers a great program called the Boiling Bucks Youth Savings Account, which is designed especially for young depositors. There’s a branch located in Hillsdale, just one town over from where we live.
The Boiling Buck account is available for kids under the age of 18 and can be opened with an initial deposit of just $1. With this type of account there are no monthly fees or minimum balances. Accounts accrue interest on a monthly basis, which is a great way to show kids how money grows when it’s saved at the bank. Boiling Springs Savings Bank is Member FDIC so your money is insured. And there’s a special bonus — if you open an account with at least $10, Boiling Springs will deposit a $10 bonus! Here’s a helpful video that explains it all:
With April being National Kids Saving Month, it would be a great time to visit one of Boiling Springs Saving Banks’ branches and open a Boiling Bucks Youth Savings Account. For a list of Boiling Springs branches click here. Now its your turn to share. What are some of your tips on how to teach kids to save money?
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