This morning, Shae and I opened a kid’s savings account for Frugal Boy. We were able to do the entire process online in about 10 minutes including the initial funding requirement of $25. Later on, when the bank was open, Grandpa and I took Frugal Boy to a brick and mortar branch to deposit his very full doggy and piggy bank.
He looked ready to ride his money all the way to the bank.
The grand total of his little banks was $41.10. Thankfully, he was not sad about emptying out his little banks. In fact, he was kind of the opposite. When we got back to the house, he went up to Grandma and asked her for more money to fill up his now empty banks. Umm, we still have a lot of parenting work ahead of us.
In the future, any cash gifts Frugal Boy receives will go into his savings account. Any checks will continue to go into his 529 College Fund unless otherwise requested. In another year or two when he better understands the concept of money, we will probably switch all of his gifts towards his savings account.
Thank you to everyone that has gifted Frugal Boy with money over the years. We are trying to teach him how to be frugal and know the value of a dollar.