About six weeks ago we took SB to the bank to open a savings account. You can see the pride in her face! Now, about once a month we take her to the bank to put her savings in there. Since she only puts a quarter in a week, it will take a while, but one day maybe she can use it to put a down payment on a house!
We debated for months and months about allowances and ended up just wasting a lot of time! We finally just decided on a very simple system that we can actually follow through on! She and Leigh get $2 a week in quarters. One quarter they put in the offering plate at church, one in the bank, and six they put in the spending jar. They have each picked out an item they are saving for. Also, they have done some work for each grandparent that has helped them earn a few more dollars. I can't wait for them to go and buy their toys.
(We took all their money that they had and divided it into thirds. One third went into savings and the rest into spending. You have to have $25 to open an account. I think Leigh has about 8 more dollars to open a bank account.)