When I was younger, my mother opened up bank accounts for my brothers and I. We received an allowance and were encouraged to save a portion of it; however, the decision of how much was ours. As we aged we were able to see that money grow. It taught us discipline and finances. We learned to budget for our pleasures, as well as for what we deemed “necessities”. We learned to delay an instant gratification to receive a larger one down the line. It inspired us to save and taught us before we went out into the world ourselves. It was a wonderful learning lesson from our mother, that I am trying to pass along to my own boys by giving them an allowance (age appropriate) and having them budget for their wants and needs.
For that reason, I’m always on the lookout for companies that will help me reinforce these lessons with my own children. Thats why I was so happy when I discovered that TD Banks is giving their Youth Savers an incentive to read AND to save! They are paying your children $10 to read ten books before September 30, 2009.
In order to qualify for this incentive you must have or must open a Youth Savers account. Its a passbook savings account that allows them to watch their savings grow.
The Youth Saver account is for anyone younger than 21; however, I do not suggest it for kids older than 14 as their rate is pretty low. Teens, with their parents support, can open regular accounts that include debit and credit card options. I do, however, think that TD Bank’s Youth Saver passbook account is a great teaching opportunity for children under 14. It can benefit your child in various ways, including but not limited to:
- Teaching them that there is a cause and effect with money (Read and earn, just like a job)
- Teaching them how banks function (interest rates, how to make deposits, withdrawals, etc.)
- Teaching them to save and budget for any items they may want
- Teaching them basic skills that they will utilize the rest of their lives
Teach them early to stash that ca$h, a skill they will never forget, whether you use TD Bank or another! Prepare them and they’ll be ready to conquer the world!
Click HERE for TD Bank’s summer reading program.
Click HERE for TD Bank’s Homepage.