When I sold Mary Kay full time I had a customer who had NEVER had a bank account in her life. She cashed her paycheck on pay day and lived on the cash until it was gone. She would order from me soon after. When she was out of money, she was literally out of money. They had almost no furniture and no savings but had money for cigarettes, a great tan, fast food and awesome skincare.
She knew my second job was to teach people how to manage money, but she never believed she could have prosperity. Her situation was just a few decisions from turning around and yet it was so far away. She became a grandma at 32 and her mother was a great-grandma at 48. The poverty cycle was going from generation to generation.
She had so many things going for her. She remembered my kids and asked about them when I made deliveries. She made me feel special and doted on her family. Her personality was everything I look for in a team member, except she didn’t want more. She didn’t want it, because she didn’t believe she could have it.
I decided then, that my kids weren’t going to grow up thinking that was normal. I wanted them to have a bank account and be used to managing it. I also loved that money in a kid’s bank account is less accessible, handy when you’re saving up for your first car.
It’s great to open a child’s first bank account shortly after birth and start depositing baby gift and birthday money in there. If you didn’t do that it’s even more fun to go when they are old enough to write their own name on the application and plunk down their own cash for deposit. Whenever you do it, just see that it gets done.
While you are there, ask about banking fees. Banks and credit unions have certain accounts that are free and others that charge fees when there are fewer than 7 transactions in a month. Taking a few extra minutes to understand each account can save you in the long run, and if that bank doesn’t have an account you like go to another one. They are all different.
The main thing is for your kids to see banks, managing accounts, balancing checkbooks, and saving money as a normal part of life, and to get experience managing things before it gets complicated. If your kids are older, it’s not too late. As my friend, Stacy says, it’s never too late unless you’re dead.
This is day 4 of our series: 31 days of Kids and Money
