(click on photo to enlarge for ease of reading)
Some people have expressed a desire to see what the bank statements look like that we give our children.
This is a photo of one belonging to my 10 year old son.
Everything is itemized the way that it would be in a real bank statement. He received birthday money in addition to his allowance, and he made no withdrawals from his savings to buy things.
Withdrawals would be listed with exact expenditure and the date.
Additionally, we really do have a bank account at an actual bank where their money is collectively saved. Every week my husband transfers their allowances into the single account ($26.50 each week), adds in any additional money earned through extra chores or birthday money, withdraws expenditures.
This system of payment has been the best for us. No cash to lose. No trying to remember how much money each child is owed. Encouraging them to save and watch their bank accounts grow.
LOVE this idea!
Pic isn’t loading for me though…
Comment by ChristieNY — July 18, 2007 @ 11:37 am
The image won’t load for me either.
Comment by Sasha — July 18, 2007 @ 11:57 am
Weird. It was there this morning.
Let me try something else!
Comment by Chris — July 18, 2007 @ 12:30 pm
Ok, it is working for me now. Is it working for everyone else? I hope? Fingers crossed.
Comment by Chris — July 18, 2007 @ 12:36 pm
It isn’t working for me, but I will try again later as I’m interested in seeing it.
Comment by Shannon — July 18, 2007 @ 1:46 pm
ok. trying now to upload it to flickr instead od saving it to the server here.
Comment by Chris — July 18, 2007 @ 3:45 pm
This great! I hope I remember to do it when my little guy is old enough. So tell me about the board that you have it tacked to? what else is on it?
Comment by Babs — July 18, 2007 @ 4:51 pm
I see it! Such a fabulous idea! My son is 3 and we’re having a tough time explaining money to him, he seems to think it’s something free at the bank or something… tonight he threw one of his toys in the garbage and said we could buy a new one. I have my work cut out for me. Any advice for teaching the concept of money to a three year old?
Comment by ChristieNY — July 18, 2007 @ 10:20 pm
$26.50/week per child? Yikes. Don’t let your kids talk to my kids, lol.
Comment by t in hd — July 19, 2007 @ 7:44 am
t in hd,
NO, $ 26.50 COLLECTIVELY!!!
They each get half their age for an allowance. Which equals $26.50. Unless I added incorrectly which is always entirely possible
Comment by Chris — July 19, 2007 @ 8:56 am
This is the best way of handling allowances etc. that I’ve seen yet! I’m adding this to my ‘future’ file, as Bean is not quite 18 mths and definitely NOT getting an allowance yet
Comment by mrsgryphon — July 19, 2007 @ 4:16 pm
This is a cool idea! We needa better way to keep track of our kids money. Three of the five keep their money in our safebox (they save for stuff), oldest one has his own (icecream pail!) nad the other spends his. We use the 10/10/10 method for charity, working capital and savings that we keep in separate jars but this is a lot of litle change, running to the bank every week and getting behind…thanks for the idea!
Comment by Suzanne — July 20, 2007 @ 9:20 am
Ah, gotcha Chris. Phew, LOL!
Comment by t in hd — July 21, 2007 @ 4:08 pm
So, does all the money for all the kids go into one savings account…or do they each have their own?
Comment by Anna — July 21, 2007 @ 8:22 pm
All the money goes into one savings account. It is just easier for us that way.
Comment by Chris — July 24, 2007 @ 2:17 pm
Thank You so much for sharing this!! I know it will help alot with my boys!
Comment by Betsy — June 15, 2008 @ 2:44 am