Creating Pretend Bank Account for kids?Hola, I need some help / advice/ tips creating a pretend bank account for my kids. Here is my plan. I have created a spreadsheet to track there finances in excel and gotten some fake checks and checkbooks, etc for them to use to track their finances. I want them to see a basic guideline of the way banks operate... | |
This is adorable, would have been right up my street if I were a child.
I'm not sure how old your children are and what they might understand so edit this how you see fit.
This contract is to recognize that **INSERT NAME** agrees to open a banking account with the **INSERT STATE NAME** Bank of D.A.D and receive a $20 cash reward upon signing for banking with us, a checkbook and B.o.D.A.D bank card.
**INSERT NAME** should be responsible with their finances and agree to keep a minimum of $5 in their account. If they must create an overdraft, this will cost the account holder a $2 fee for every day/week **DELETE APPROPRIATE TIMESPAN** the over-draft stands.
Rewards are given when savings reach $20, $50 and $75.
Upon signing this form, the account holder agrees to out terms and conditions and the account will be opened and $20 joining reward issued.
Sign here to agree .........................
My husband and I have started an actual savings account for our kids. We use an Excel spreadsheet to keep track of any money we deposit for birthdays, allowance, etc., and to track withdrawals and the only thing I can think of right now is replacement of sweaters and ties (school uniforms, seeing money deducted has helped them too learn that when they take them off, place them in the backpack/messenger bags.).
We have one spreadsheet, names across the top, and down the left side month, date year, description for withdrawals, deposits, interest which we spread according to their balances, and new balance, which we pretty much tally monthly because that's when we get the statement. But they love seeing how much they are saving. We start them off with $50 when they turn 5, and allowance is based on school performance. We don't have them paying for each and anything they want, but we do have them pay a portion for mothers/fathers day birthday and christmas gifts for us parents, a portion for each others birthday and christmas gifts and as I say, when they need to reimburse or replace something, if they buy lunch.
BingBang's contract is really a good idea and we do offer incentives.
