My wife is off working at the Operation Christmas Child Distribution Center and I am spending some quality time with my girls today! One thing we have been talking about doing for quite some time is emptying their piggy banks and heading over to the bank to make a deposit into their savings account.
This is one of the best memories I have growing up – my dad and I would load up in his truck and head over to the bank to make a deposit. My dad worked in sales and always carried cash. As a result he always had change in his pocket and this change made it into my piggy bank! As we have been working Dave Ramsey’s plan, we use cash for our monthly eating out money. And…you guessed it; we put the leftover change in our girls’ piggy banks.
After picking up Anna from school, we headed over to our local Wells Fargo to make the deposit. The teller let us know that they had no way to count the change so we made a quick trip to Kroger to use the Coinstar machine. Here is the ticket we received after putting all the change in the machine:
As you can see, the girls were having a blast. The machine charges 10.9 cents/dollar (a bit high but we did not have to roll the change) and we ended up with $35.02 after paying the fee. I am amazed how much change you can gather over time if you just drop it into the piggy bank! We took our ticket to the nearest register and turned it in for cold, hard cash:
I added 50 cents in rolled pennies and a $2 bill I had laying around and we headed back to the bank with $37.52. After filling out the deposit slip we handed over the money and they gave us two lollipops (or as Leah calls them – “hollipops”). To be honest, this was the most exciting part of the experience for the girls! Here is a pic of them after the successful deposit:
I remember the bank trips with my dad and I hope they will remember this too. After a number of years of doing this with my dad, he gave me the money (about $1000) when I was 14 and encouraged me to invest it into the stock market. We have already begun investing for our girls and my hope is to use this extra “change” money along with money they receive at birthdays and Christmas and add to these investments over time. I plan to do this throughout their growing up years so that one day they can have a nest egg that they can use for a downpayment on a home or some other worthy expense. Compounding interest is beautiful thing especially when you are 5 and 3!