From Piggy Bank to Savings Account

March 30, 2010 at 4:52 pm Leave a comment

How old were you when you started your first bank account?

Maybe you opened an account after nabbing your first job. Or you were lucky enough to start saving as a kid in your own savings account.

That’s exactly what young Lemonade Day entrepreneurs are encouraged to do.

Why start a savings account? The Lemonade Day Entrepreneur Workbook shares three benefits for youth:

  1. Earn money on your money.
  2. Keep your money safe.
  3. Become your own investor for next year’s Lemonade Day.

Frugal Dad talks about the process of starting a savings account for his daughter. While he had been making deposits for her in an online bank, he decided to take a trip with her to a physical bank. For the psychological impact of the experience, he writes.

Read the comments from other parents on Frugal Dad’s post. Parent Bill Dwight started the FamZoo Virtual Family Bank to teach youth about finances. Another parent, Kyle C., shares how his 3-year-old collects change in a piggy bank and makes a deposit on his birthday. / CC BY-NC-ND 2.0

Entry filed under: Money Management. Tags: , , , .

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