I had been trying to convince the mini to save for months/years. To no avail.
Explained the following:
How a bank works
How they pay you
You can get it out at any time
The whole US financial system( I kid you not.)
To which we ended in tears.
I did not give up. Finally after emptying her entire piggy bank of her assets into a coin purse, telling other kids she would pay them $10 for bracelets and me telling her to renegotiate (compromised on $.10) and then losing her life savings, she relented.
The bank won’t lose entire coin purses and would have actually paid her money over that period(Mom is always right.).
I told her anything she could scrounge up/had been redeposited in the piggy bank would be eligible.
I found a credit union with a $5 min, crappy rates, but a physical presence to get it going. Took much too long but we need up with $5.78 in the bank, less loose change in the house and a mom match of $5.
Plan is to move to a high yield internet when enough $, age won’t be a factor and then to a Roth IRA when summer jobs abound.
Victory! And I am going to be on the hunt for that coin pouch forever....let me know if any unicorns with money appear....
