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Great Gift For Kids

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A few years ago, a friend of mine made each grandchild a jar she had decorated to match the child's interests. For their birthdays, she gave a jar with change amounting to the dollar amount of their ages. Of course they could spend the money if they wished, but she told them that if they saved the money & added more to the jar, any time she visited she would double the money & deposit it in a savings account for them. Some children saved nothing, but... (click title for more info)

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a few added some of their allowance. One saved about $2/wk = $300 in 3 yrs, which doubled to $600 +interest. Children may withdraw money from the accounts, but their parents can veto proposed purchases. (See 1st comment for some cautions.)
- Submitted by STORMY724 3/29/2011 in Saving Money | 2 Comments
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Member Comments

STORMY724 3/29/2011 8:25:00 AM

    Addendum: Be aware that one enterprising kid with a part time job can make a lot of money. You might want to put a cap on the amount you will double, or agree to add only 10 or 20% to their savings. My friend is very well off & could give each grandchild a ton of money. But she is sure the children will appreciate the money more if they have to work to save it. As part of the deal, upon high school graduation, grandma will double the savings accounts again for college, but many of us probably couldn't afford to do that ----depending on how many grandchildren & how enterprising they are.
KATYBUG48 3/30/2011 12:25:00 AM

    good idea

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