A while ago my daughter watched a Max &Ruby episode that showed the pair selling lemonade. She wanted to sell lemonade too after that fateful episode and we tried doing that a few times, but she just didn’t have the patience/attention span nor money skills to make it worth the effort. Fast forward to now and the past few Saturdays my daughter has been selling hotdogs and chips on and off (not many people want to buy lemonade she discovered) . She now has the ability to make simple change (thanks Rightstart!) and she has the ability to stay beside her cash register during the lunch period and serve her customers. Thus far she has accumulated quite a bit of money (for an almost 6 year old) and we are now trying to figure out what to do with the money that she earns.
We started out buying the Money Savvy Piggy Bank so that she could understand dividing her income into spending, saving, donating, and investing monies. I think the concept is good, but for my daughter its not the best fit. She doesn’t really have any savings goals in mind and when she spends money it is very little at a time ($5 being the most extravagant purchase) – as of now she definitely has a “savers mentality”. This piggy bank would probably be best for those children that are saving up for something in particular or have a hard time not spending all of their money as fast as they earn it.
So, we are thinking about opening a joint savings account at a local bank. My daughter likes the idea of having an ATM card and I believe that she is responsible enough to take care of it. But I still can’t help thinking that the missing component is having a savings goal. I have been searching around the internet for ideas, but everything that I have seen is geared towards the tween/teen ages or towards the children that do not want to save. What to do with a child that only saves?