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Festive Link Love Carnivality #27 | Free From Broke
October 5, 2008 at 5:40 am

{ 23 comments… read them below or add one }

1 Luke @ Money & Fitness October 2, 2008 at 1:03 pm

Nice contest by the way!

I don’t really recall when or how the bank account was opened but it was opened in the early 90s to store all the money I was making from delivering newspapers. I was throwing in $20 every two weeks for a paper route that was one day a week (It was the local “free” newspaper). I was thrilled about it and saved very strongly over time with it. I guess I am still stingy to this day about what goes out of my bank account.

2 FFB October 2, 2008 at 1:18 pm

When I turned 18 my grandmother brought me to a local bank and opened up my first account with money she had been saving for me. I loved that I was getting interest every month (back then it actually added up to something).

Great contest!

3 Miranda October 2, 2008 at 1:18 pm

When I was 12, my mom took me to the bank, me clutching the money I had saved up over the years, and we opened a savings account and a checking account. She taught me how to write a check, and told me I should save some of my money. That bank account is long closed now, but the money I saved in it (and then transferred to checking) helped me with a down payment on the first car I bought at age 18.

4 Emily October 2, 2008 at 1:27 pm

I think I had one when I was about 10. I cleaned my parents’ office at work on weekends while my mom did work and they’d pay me. I put gifted money in it. Never touched it until I was 18. I spent it all to fly across the country to see a boy I liked and stayed in LA for a couple weeks with him until I went home penniless. It was worth it though. I did marry the guy :)

5 hank October 2, 2008 at 4:28 pm

I opened my first account in Walla Walla, WA when I was 18. I remember my old man came in with me to help out and deposit the $100 opening balance and tell me that it was up to me to keep money in it. At 3, 6, and 9 months later, it was infused with another 2 or 300$ of money my dad sent via check. So yea, I guess it WAS up to me to keep money in it. If I wouldn’t have been depositing those checks, the money may never have made it! :)

6 Colombian Coffee October 2, 2008 at 8:07 pm

When I was about seven years old in Colombia, my grandfather used to give me candy/treats money. During my summer vacations, my mother used to take me downtown with her to her office. I always felt very grown up going downtown.

One day, my grandfather gave me candy money before my mom took me downtown. My mom told me that morning that she was taking me to the bank to open a savings account. I think it was a new program they were advertising at the bank of savings accounts for children. I remember they had a big comic dinosaur cutout in the front welcoming the children to save their money.

So, my mom took me in, we opened a child’s savings account (I think it had smaller if any administration fees). I put my candy money in and did so throughout that summer. I don’t remember having a specific goal for the money. My mother just told me it was important to save, so I did.

About 10 years ago I heard that the account was still open and that my aunt had the information to it. It may still be open in Colombia.

7 RetiredAt47 October 3, 2008 at 3:30 am

I am a little embarrassed to admit this, but I kind of resented my first savings account. My parents had a rule that we had to save half of any gift money we received, and that money seemed so untouchable that it didn’t even feel like it was mine. So in my eyes, half of any gift was mine to spend and the other half just disappeared. The savings account was for some far-off event, like college, that might as well have been a black hole.

Fortunately, I overcame that early resentment and turned into a serious saver later in adulthood.

8 Greener Pastures October 3, 2008 at 5:54 am

This is a cool idea.

My first bank account was started by my parents when I was born. By the time I understood what money could do for me, there was $186.92 in it. I remember the number distinctly, and my bank book, with all it’s printings of the interest over the years. I’m not sure how old I was, but I started adding my pennies into it as well. I was quite the entrepreneur in my younger days! Too bad I didn’t keep it up! I had neighborhood carnivals, sold seeds and cleaning products, had a paper route, and finally, when I was 13, I started babysitting. Then the bucks really added up! I thank especially my mother for helping me to understand the power of compound interest at an early age.

9 Jennifer October 3, 2008 at 6:33 am

I believe I was about 8 or 9. My Dad took me to the bank to open a savings account to deposit a few bucks I had received for a birthday or holiday. The best part was that back then they printed each deposit in this little book for you. My Dad would take me no matter what I wanted to deposit, even spare change. I carried that little book around with me in my purse and I was so proud. I still drive by that bank occasionally and I have such fond memories.

I love things like this that make you think of great memories! Thanks you!

10 Dora October 3, 2008 at 10:30 am

I was in elementary school in Queens, NY in the 1960′s. At that time the schools offered “banking” to any student who wanted a savings account. My parents signed me up and every week I received a small brown envelope to put money in. Tuesday night I would get a dollar from my mother and get all ready to fill in the information on the envelope: name, account number, amount of deposit. I was thrilled! Wednesday morning the teacher would collect everyone’s envelope. At the end of the year we would receive our bank book with the amount we deposited all year, and in the fall it would begin again with the same book. By the time I was moving on to junior high I had a couple hundred dollars in that account! To this day I still get excited when I sit down to do my budgeting, banking, bill paying! I think it started me off right.

11 PT October 5, 2008 at 3:34 pm

Great contest. I had a passbook savings account in high school. My Dad had helped me open it up. I put money from my jobs in it. I enjoyed filling out the little ledger and knowing I was saving. I ended up using the savings from that first account to put a down payment on my car for college. Good memories.

12 jj-momscashblog October 5, 2008 at 6:03 pm

Hey Scott, Great idea I love the concept and the contest. I really don’t remember opening a savings acct., but I do remember my Grandfather would always send money for B.D.’s and any special occasion. When I saw that postmark on the enevelope I always knew there was some green inside for me. I think I would just keep the money inside a jewelry box and spend it when I wanted to. I guess that was the beginning of my bad spending habits.lol

13 Nancy October 6, 2008 at 4:50 am

My parents always emphasized savings. As a young child, I had a red leatherette “money bag” bank with a lock on it to save my money at home. When I was slightly older (but still in elementary school) we set up an official bank account. I still remember the savings passbook where the amounts added were hand-written in! I also remember when I would go to my father with an idea to spend money, he would ask me ” Is that my money or your money?” Of course, being the smart child that I was, I was usually planning to spend Daddy’s money instead of mine!

14 Shannon October 6, 2008 at 3:23 pm

Wow, I had not thought about this in one long time! I was around 10 or so when my Mom brought me to her bank to open up an account. I had started to babysit and needed to put my money into savings. I was given this passport book that was date stamped and a written entry of the amount of money I deposited.

When we left I thought I was so grown up. This was so cool. It also gave me a since of security that was lacking in my life at that time.

15 Sara B. October 7, 2008 at 3:45 pm

I got my first account when I was 12 and had my first desk job. Sure, they paid me under the table, but I loved licking envelopes and getting to take that check to the bank. It was so nice to be able to see that amount grow as I took on odd jobs!

16 plin October 10, 2008 at 1:23 am

Hi Scott,
Wonderful idea for a contest.
My first account was opened by my parents when I was toward the end of my high school days. At the time I also received my first check book. I felt extremely empowered and I felt I was truly being an adult.

17 Jessica October 13, 2008 at 10:21 am

The first bank experience that I can remember was around 6 or 7, although I think the account had been open since I was a baby. The kids accounts were called “Moola Moola” accounts, and I loved the bank because they always had stickers or other little gifts when you went in. I saved at the same bank until I moved away at 18…I thought this was a great idea for a post, I never realized that my childhood banking experiences held happy memories for me!

18 castocreations October 13, 2008 at 2:04 pm

What a great idea! I blogged about it (with a link back) and it was fun to remember back to that time. And to think about the lessons I learned about money as I grew up.


Thanks for prompting this!

19 Corrie @ "Cents"able Momma October 15, 2008 at 5:12 am

I must have visited the bank with my parents growing, up and I remember having interest from a savings account as a teen, but I don’t remember actually going into the bank.

My first real remembrance of a bank was when I was getting ready to go away to college. I needed to open a checking account. I had to determine which of our local banks also had branches in my college town. I was so proud of myself for doing the research and for the shiny new checks that had MY name on them.

20 fidget October 15, 2008 at 4:07 pm

my parents decided that a bank account could lead to trouble so when I turned 18 and ended up having to suddenly manage two accounts, I got myself into quite a mess! I wrote checks from the wrong account and once even dropped my money in the night deposit drop of a bank I didn’t even have an account at! (they were very kind to return it to me).

21 Alisa Young October 19, 2008 at 12:12 pm

I remember my grandmother taking me to World Savings when I was 15 and getting my first account. I really had no money to speak of, but she put a little in to get me started. I was very excited and felt fairly “grown up”. Shortly after that I turned 16 and got my first job at Pizza Hut making pizzas. I wish someone had taught me about “how” to manage my money instead of just letting me figure it out on my own. I’ve made lot’s of mistakes along the way. Thanks!

22 Laurel Plum October 28, 2008 at 5:18 pm

Very fun idea, even if I did miss the contest deadline. My grandparents and my parents both set up accounts for me when I was born. I usually just turned over any gift money or odd job money to my parents to put in “the bank”, but I never really had any other involvement. When I was sixteen and got a real job, I went to the bank and asked them to open a checking account to go with the savings. I do not know why they did it. My parents weren’t with me.

I would deposit my paychecks in and wrote a few small checks here and there. Way less than the money I had deposited. Huh, I do not even remember now if the checking was an interest bearing account or if there were any fees. Anyway, I felt so grown up.

Later, I decided to buy my first real piece of furniture to prepare for when I turned 18 and would be getting a place of my own. (Remember, I was a grown up!) I wrote a check based on the balance the bank gave me, since I hadn’t learned to balance my checkbook yet. I got the furniture just fine, but I got a notice from the IRS that my check for federal income tax had bounced. I learned really quick how to balance my checkbook and to act my age.

We have all laughed about that every April for 20 years. And ever since I have always opened up a separate “wish” account for things I want. If the money is not there, the wish is not fulfilled (unless I somehow get it as a gift).

We opened accounts for our son when he was born, but I think we will hold on to those as a secret fund until he is 18. We can let him help us open an account when he gets old enough to know what it means.

23 financial spreadbetting September 6, 2010 at 11:11 pm

Mine was an account at the cooperative bank. I loved looking at the book to see how much money was in there. I remember the excitement that I had waiting in the queue ready to deposit some money.

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