We strode in, hand-in-hand with our parents, feeling like we were finally all grown up. I remember barely being able to see over the counter. The bemused cashier accepted our envelopes full of loose change and one- and two-dollar bills (yes, they did exist back then). She handed over our bankbooks and we signed our names on a legal document for the very first time.
We left feeling like we had accomplished something big.
On the drive home, our parents took the opportunity to explain the importance of saving our hard-earned money. They suggested we start putting money aside for a college or university education. The idea of saving for something so far in the future didn't resonate at the time. We were far more interested in saving money for a bike, roller skates or a skateboard.
Mom and Dad pushed Craig and I a little further – what about saving for a gift? Not just gifts for family and friends, but a gift that would truly help someone in need.
That idea caught our attention and we spent a considerable amount of time discussing with our parents what our funds could buy. As we looked through pamphlets of charitable organizations as a family, we became excited to think that we could save enough to buy a goat, a chicken or even some school supplies for communities in developing nations. We selected our gifts with great care, and the lesson has stuck with us all our lives.
It's never too early to start a conversation about saving, spending and giving back. This life lesson helps children with financial literacy skills, while also providing an opportunity to start a conversation on the importance of sharing our gifts.
Page 1 of 2 – Learn how to talk to your kids about money and philanthropy on page 2
