Today’s fantastic family finance article is:
Putting your kid’s birthday check in a traditional savings account is more of an anti-savings lesson than a savings lesson. Why? Interest rates are near zero, and out-of-sight means out-of-mind. There’s a better way to motivate your kid to save: pay the interest yourself, pay it frequently, and pay it handsomely. That way, the habit just might stick. This article shows you how to set up a high interest “Bank of Mom/Dad” savings account for your budding saver, just like Mr. Money Mustache does!