Preston claims he was the victim of an in-house robbery. He is the kind of kid who carefully collects, counts and saves his money in his wallet. When we go to the store and the kids bring their own money to buy something, Preston just cannot pull the trigger on a purchase because he says he does not want to “waste his money.”
A few months ago he had accumulated a healthy sum for a 6-year-old. He had carefully saved his chore money that he gets sporadically, combined with the money received on odd jobs, and amassed $40.
But one day he went up to his room and was heartbroken to discover that he only had $10 in his wallet.
Now, we are not sure whether there was an actually family robbery, or whether he didn’t have as much money as he previously thought, or perhaps he lost some of his money along the way. There was a rumor flying around the house that a $10 bill had recently been found on the ground and quickly confiscated by Ava. Preston is holding a grudge. He will not soon forget that his hard earned money has disappeared and he has to start his savings plan all over again.
Meanwhile his sisters Elsie and Violet leave their money all over the house and regularly lose their entire purse.
Ava’s financial prowess falls somewhere in the middle of Preston, who fastidiously saves, and the little girls, who carelessly lose their money.
In an effort to promote healthy money handling and reduce theft and misplacement, we took the kids to the bank to open up their own checking accounts. It took a lot of work to explain to four kids under 10 what a bank is. Where does all the money go when you give it to the bank teller? How does money come out of the ATM machine when you put a card in there? How am I going to pay for things if I don’t have dollar bills?
They each opened up their own account by pinning in their own 4-digit code and then they signed their signature to the documents in order to receive their ATM debit cards.
During the hour and a half long process opening these four checking accounts, Preston managed to find a penny on the ground. He immediately asked if he could deposit the money in the bank.
So he did. He now has $10.01 in his checking account. He is on his way to riches once again.
Until next time, the mothership is signing off.