august-2017-interest-report

August 2017 Interest Report (and Total Savings at the Bank of Mom)

For over a year, I have been paying J interest at the Bank of Mom.

He started with $45.00 and earned $1.35 the first month. (I pay 3% monthly.)

This month, he’s up to $231.99 and earned $6.76 in interest.

I print and email him a copy of the statement each month. (He has his own email address and when I send the statement, I add other notes and tips. Hopefully he will read these someday and remember what we talked about.)

Here’s his statement for this month:

bank-of-mom-august-2017-statement

Also, here’s a chart of his account balance and interest over time, as well as the monthly deposits.

I started paying him an allowance in December of 2016. (Notice the monthly deposits went up significantly after that!)

bank-of-mom-august-2017-chart

I like this activity because it gives us a chance to sit down and talk every month. J likes to cross milestones — he was really excited to hit $200 in June.

At some point we will move to a card/electronic system, but for now, we’re going to stay old school with pencil and paper. Well, and some emailed statements!

Want to pay your kids interest from the Bank of Mom and Dad? Get our free savings templates, interest spreadsheet and account registers!

Leave a Reply