Readers tell how their children learned to save

Looks like I'm not the only parent in Utah concerned with helping his children learn to save their pennies.

My recent column on taking my three daughters to the bank to open savings accounts drew several reader responses. So I thought I'd share a few of their ideas with you.

First, a reader named Doug said he could relate to my experience.

"I wish I'd started (saving) with my three daughters much sooner," he wrote in an e-mail. "So, if you have any extra pennies, the tuition fund could use a little help."

Sorry, Doug. My girls will need all they can save for tuition, and I'm still wondering how we're going to pay for three weddings!

Another reader, also named Doug, sent an e-mail to say he has six sons who were taught to allocate their allowance — and later their earnings from work — in three ways. Ten percent went to tithing to their church, 20 percent to a mission fund and 70 percent to spending.

"It was amazing how fast the savings built up over the years, especially in their teen years when they started to work," Doug wrote. "We wanted them to save at least the first $2,000 to get ready for a (church) mission, and then we would pay their monthly mission fees ourselves. (Since they have had to pay their own way to college, we felt it was fair for us to pay the monthly fees.)

"All six saved up more than the $2,000 and had some in the bank for miscellaneous needs during their missions. They also still had cash in their bank accounts when they returned, to help get them started back into the non-mission life."

Doug said he and his wife later had two daughters and had them save in the same ratios, with the understanding that the mission money can be used for college if they choose not to serve missions.

Doug, all I can say is, congratulations! That's a great example for me to follow.

Finally, I received a letter from Louise, who told me some of her experiences with saving as a child.

"I had an oval-shaped, silver-colored bank that had a lock that could be opened at the bank," she wrote. "I remember saving my pennies in that bank and occasionally going to town with mother to have it opened and counted and entered in my book.