Nessie
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There is no issue in a kid having a savings account, just don't give him access to withdraw money! Only deposit! |
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Tahavath
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I think it would be a great idea. It is never too early too start saving. |
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MSAD
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Its a great idea!
You can even open the account with a small amount of money to get him started. It's one of those gifts that he probably won't appreciate now...but will really appreciate when he's older.
Many adults ruin their credit scores/reports because they never learned about money and saving. They make stupid financial decisions and by the time they realize they screwed up...they have debt up to their eye balls.
I'd just discuss it with his mom/dad first and make sure they are on board. Then each year, you can give him a little more money to put in his savings account and the two of you can take a trip to the bank together to let him deposit it. That way, you guys can have your own ritual each year. |
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Chris h
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Why not buy him some some stock? |
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mariagayergroup
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great idea! |
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★♥Jocy♥★
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its cool......im 16 and my parents opened a savings account when i was 10 so now i have enough money. |
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Laura
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It would be a great idea. I wish I had an aunt that did that for me. Just as long as he can't withdraw from it until he's older. |
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Partygal
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yes, and they should know about it and be taught how to save their money like birthday or xmas money or money they get from chores,.and you should keep up with interest rates and improve the account if the opportunity exists. let your kid see the bank book sometimes and help them fill out the deposit slip.
make them money responsible EARLY And they will grow up with money values. |
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bezhard08@att.net
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Yes, responsiblity for the child. When I was young my father had use work for our money, hauling scrape metal-copper
etc., milk crate 45.00, in 1975. Now would be 100.00 |
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-- -
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YES! you don't want to teach them at age 18.. so they wont get in huge bad debts! |
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Sam
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I know that I had a savings account from a very young age (around 8), and while he may not appreciate the account as a gift, it will still be a blessing as he gets older. My account slowly built up from allowances and birthdays, and eventually, helped me go on a trip to Ireland when I was 13! Help your nephew for the future by the investment today.
Good Luck! |
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Zackle19
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I couldn't be more supportive about this idea. With todays economy starting early is the best idea. He'll have a great advantage over everyone else if he keeps saving for the future. You've got my vote. =D |
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lil vamp
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sure, its a good idea. I had one when I was his age. |
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ann s
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Excellent idea! With the economy in the situation it is in and the number of people in debt, I think it is a cool idea for him to learn about savings, not only for what he wants, but for the rewards it will bring him. Maybe have him "diverisfy" his account....money for saving to spend and money to save. Money habits are embedded early with children whether parents realize it or not. I am so impressed with you! |
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