It’s been a rule at our house since Mallory was born. She knows its expected and doesn’t even argue with us. For every “cash” gift she gets, whether it’s for her birthday, Christmas, or any other event……the rule is: She has to put 50% into her bank account and she gets to spend the other 50% on whatever she wants.
Grandma usually sends her a card in the mail for each holiday and inside is usually a few dollars…sometimes $5 if she’s lucky-and it’s ALWAYS in dollar bills..haha. Without hesitating, Mallory will divide up the money, hand it over and say, “This goes in the bank”. I’ve had friends and relatives tell us we are so mean, that a kid should be able to spend any money they receive as a gift…..but I beg to differ. I believe we are teaching her early budgeting and money skills but more importantly, we are creating the habit of “saving”. She’s 8 and has more money in the bank than some adults I know….all because it’s become a habit…that I hope she carries into her adult life!
Here we are taking her money to the bank. She gets excited because our bank has a rewards system for each milestone you reach, you get a small prize.