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The note that came home from school titled "Bank Day" certainly caught my attention.

Bank Day is something that the Cheese Eater's school offers to all the students through Washington Mutual's School Savings program.  Looking for more information on the bank's website, I was pleased to read the following: "Started in 1923, the School Savings program gives students hands-on lessons about how to handle money responsibly using their own Washington Mutual savings accounts. Our Financial Centers work with elementary schools and parent volunteers to teach students positive savings habits through weekly Bank Days at school."

The program is simple.  Basically, each student that signs up to participate in Bank Day is given a traditional, interest earning savings account with Washington Mutual making the first opening deposit--25-cents.  After that, students can make deposits every week.  He has his own little register to keep track of his money and a savings pouch to keep his money in to take to school on Bank Day.  The bank even gives prizes as incentives to make deposits. 

If I had participated in this kind of program when I was a kid then maybe I'd have more than forty-five dollars in my savings account.

I can't remember how old I was when I started getting one, but I remember everything about it.  There was an expensive stuffed animal that I really, really wanted--a Muffy VanderBear.  Christmas and my birthday were nowhere in site, so my mother told me that she would start giving me an allowance.  We would put Muffy on lay-a-way, and I would have to save my allowance and make payments on Muffy to be able to take her home one day.

To earn my allowance there were chores that I had to do--make my bed, set the table, etc.  But I'm fairly certain that I received my allowance regardless.  I can remember how great it felt the day that I got to go and finish paying for my bear.  My first real purchase.  I still have her.  Now she sits under my tree at Christmas time.

There's no doubt that I want my boys to have this same kind of experience.  It was time for the Golfer and I to talk about giving the Cheese Eater an allowance.   So we have decided to start giving the Cheese Eater three-dollars a week.  We chose the three-dollar amount to make it easier for him to understand what we expected him to do with the money.  Part of it he has to save, part of it he has to give to our church, and part of it he can spend.  Now each week on Bank Day, the Cheese Eater will have at least a dollar, plus anything else he's earned or has been given, to put into his very own savings account.  Pretty cool. 

It was hard for us to decide if we were going to connect the money to anything (i.e., chores.)  And the more we talked and thought about it, we came to a decision that we feel will teach our boys about responsibility. 

In our house we don't have chores, we have responsibilities.  I don't want my boys growing up seeing things like making their bed and taking out the trash as a "chore," but instead see those things as part of their responsibility by being a part of our family.  (Hey, I don't get paid for it.  Why should they?)  And also as being a part of our family, they should get some spending money for the things they want. (I do.  So should they.) 

So now, when they beg for things in the store I can honestly say, "save your money."

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