We started to teach our 5 year old daughter about saving when she was about 1 year old. We have opened a bank account at the Commonwealth bank for her. She now has a few thousand dollars in savings. The bank gave us a money box for saving coins in the shape of a platypus. She also has two piggy banks. One of the coins is for coins from overseas that we bring home from our travels. Sometimes she play shops with the foreign coins and with her animal toys as customers. The other piggy-bank is for Australian coins.
We pay her a small allowance. She can save some in the piggy bank or the platypus bank. When the platypus bank is full we take the contents to the Bank and deposit the cash into her account.
The piggybank is for short term savings for toys or occasional treats. The bank account is for longterm savings for her future studies at University. The account earns a good interest rate.
By encouraging our daughter to "spend some for fun but save some too", we are helping to prepare her for a prosperous and happy future.
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