No Credit Needed is taking his oldest daughter (ten years old) to open her first savings account. He and his family have been free of consumer debt for over three and a half years now and this is a milestone in how he’s educating his children in wise money management. Trips to the bank will be regular occurrences, and (hopefully) his daughter will become accustomed early to how this system works.
My daughter is four — “and a half,” as she likes to add — and we opened up a savings account before she could even say “money.” We’ve put in the birthday checks that we didn’t spend on gifts for her in there, and she really doesn’t even know about it yet. So, in a sense, she won’t get the experience of opening her “first” savings account, because we’ve already done that, but what’s hers is hers: it’s in her name now.
If you’ve been there, which route did you take? Did you set up an account early, or did you wait until your kids “got it?”