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:
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!)
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!