This gift is less about the money, but leaving children with a money lesson that will stick with them the rest of their life.
I tell my kids, “The bank pays you money for letting it hold your money. The longer the bank holds your money for you, the more free money you get!”
Kids may not grasp the concept of saving for retirement, but even my five-year old gets excited about saving his money towards a future car for when he’s old enough to drive.
I’ve been wanting to teach my son about compound interest, but it still seemed too complicated until I came across an article from my favorite website TheSimpleDollar.com.
I’ve taken it’s lesson on the power of compound interest and created a simple step-by-step guide for parents and caregivers.