Baby's First Bank Account

First off, I want to say that I don't want to be another one of those parents who says they'll do something, but later takes the easier road. I know that as your child(ren) grow, you also grow as a parent and person therefor making somethings more or less important.

Finances and financial planning are things I'd like to teach my Monster ( and future child) the importance of. In the road of life, one learns best by following an example or making HUGE mistakes. I don't want my sons future to be filled with financial mistakes or major consumer debt because he wasn't taught how to manage his money.

I will admit that I'm not necessarily the best example, because I like to shop. A women is a liar if they say otherwise! Ok, maybe not every single women, but MANY.

The first step I plan on making is organizing mine and my Hubbs finances so that we can try our best to be a good example. The second step is trying to be consistent with Monster as he grows older. My first idea is to have him put half of everything he gets (insert dollar amount here) into his savings account, an account he will not be able to access until he graduates high school (or maybe needs to buy a car). Ideally, I would like to have enough money to be able to buy him what he likes so he could put all his gift money in savings, but I don't see that happening without Lotto Max (Har Har).

If I start this early enough, as early as the tooth fairy, Birthdays or Christmas then maybe the incentive to save will continue on to his first job. However, savings is only one aspect of finances...

(To be continued...)