Help Your Kids Save with a Family Bank
Fri, Jul 28, 2006
It’s a dilemma. We want our kids to learn the value of money, but they can’t seem to keep track of it. I dread cleaning up loose change almost as much as I dread hearing my kids fight over the dime they found in the couch cushions. I created this family bank to save me from becoming the referee and hopefully teach my kids a few money saving strategies at the same time.
The bank is a simple three-ring binder kept in my kitchen cupboard. Inside the binder I have one zippered pencil pouch for each of my kids. On the front I keep a statement sheet. The sheet has an simple table for each kid to jot down their deposits and withdrawals.Behind the kid’s pouches, I have another pouch that holds a calculator and a tithing envelope for each of the kids.
Whenever they get their allowance, earn money from a money job, or get money gifted to them. We pull out the bank binder. I help them write out the deposit amounts on the statement sheet and then make a 10% withdrawal for tithing.
I don’t force them to deposit their money, but we do have a rule that if someone finds money in the couch cushions…or anywhere else, it goes into the family jar we keep on top of the fridge.
When they decide they want to spend their money we simply pull out the pouch and take it with us to the store. On fast Sundays, we pull out the tithing envelopes and bring them to church with us.It’s a simple system, but it has made a huge difference for me. My kids are excited to save and the fights are a thing of the past. As a side bonus, the whole tithing concept is much clearer for them. Just thought I’d pass it on. You can find the free file downloads for the cover and binder spine insert below.
Download: Family_Bank__Binder_Cover.doc
Download: Family_Bank_Binder_Spine.doc
Tags: family bank, money, organize, savings
July 31st, 2006 at 6:46 pm
Great idea! I love the idea of keeping track of the money my kids receive instead of them rushing to try and dig it up when it’s time to use it. I also love helping them keep track of tithing. As a sidenote, we keep a large bottle in my office for *loose* or *finder-keeper* change. Sometime through out the year, we change it into bills and use it for a family vacation or a family night out. I helps our kids from fighting over loose change found and they’re excited to see how much we have *found* collectively when we decide to cash in.
August 21st, 2006 at 3:42 am
I love this ideas.. I wish that you would share the bank statement form that you use, it looks so cute. Thanks for sharing all you fun ideas.
August 22nd, 2006 at 8:05 pm
You can find the account statement sheet in the downloads section of my other site http://www.meckmom.com.
It’s listed under the Organization categorgy of the Downloads section. The file is called “Family Bank Binder: Cover”.
October 24th, 2007 at 5:51 am
What font(s) did you use in the “Family Bank Binder: Cover” file? Mine looks terrible in MS Word. I want a *pretty* one like YOURS! lol I think this is a great idea, and I can’t wait to try this with my 3 kiddos. Thanks!
October 28th, 2007 at 6:32 am
In order for me to help my six kids keep track of their spending money, we use a blank check register. I have one page per child and when they get birthday money or whatever, we write the amount on their page then subtract tithing and 10% for savings. We keep all their money in our safe. This works well since I can carry the register in my purse. when they are dying to buy something at the store, I can tell right away if they have the money at home to pay me back.
April 8th, 2009 at 3:35 pm
Holy Cow!! That is the greatest idea ever! Thank you so much for sharing. I am going to have to do this with the many kidlets that live at my house, I am also tired of the money squabbles~this will be a great solution. Love your blog!! Renee
July 9th, 2009 at 9:39 am
I have been waiting several months to do this! and finally the school supplies came out on sale, and this past weekend i found the zipper pencil cases and we have started out family bank — thank you for so many great ideas!
February 8th, 2010 at 10:35 am
I have a question about your Family bank post, I know I will get a brilliant answer from the all knowing Maria! When our kids receive or earn money we have them put some in savings (separate from their tithing and everyday spending- like a trip to dollar store or a book and the occasional library overdue fees etc…small amount items) so when they find a more expensive item or if they are saving up for something special, we let them use that savings. What would you do in this situation? would you add another column for this type of savings, would you use a totally different binder,– so they don’t get the 2 savings accounts mixed up? I have been thinking about what I can do to incorporate this with your system, and I am at a loss- do you have any ideas? Thanks!
February 8th, 2010 at 11:34 pm
Hmmm, that’s a good question. Adding another column (and savings pouch for each kid) would probably be the easiest option. We don’t use the binder anymore because we keep track of all money on our Big Board. We don’t keep separate accounts, we just have a minimum balance requirement. Our kids are required to keep at least $10 in their accounts as their “emergency fund”. I let them dip into it for expenses they couldn’t have for planned for (like book orders at school that pop up randomly) or large ticket items they have saved for for a long time for (generally over $50 or so). My kids hate this rule but I think it teaches them a good principle about saving for a rainy day. Once they’re a little older (probably around 12) we’ll set them up with an actual savings account and mandate a 10% savings plan. I’m not sure that answers your question, but I hope it helps.
February 11th, 2010 at 11:12 am
That’s a great idea- I’m off to target to get a white board! Thanks for your response!