Mom on a budget: 4 reasons why it's important your toddlers have a bank account. - Porsha Carr Blog

Mom on a budget: 4 reasons why it's important your toddlers have a bank account.

A old photo of  Ivy as a baby with her money. 

Hi guys!
From the day I found out I was pregnant with Ivy I knew I wanted more. Knowing I was going to have a little human and being a parent made me want to be a million times better. After Ivy finally came and was a few months old I enrolled myself in college. After graduating and getting a pretty good paying job I decided I wanted to open up a bank account for Ivy. I also did the same when Aria was born. Now both my girls have their own savings account. This is one of the best things you could ever do for your little's one. Today I am going to give you 5 reasons it's important your toddlers have a bank account.

1. College: Enrolling in college wasn't cheap and neither are student loans. Having a saving account is great for your little's, because if you start adding money now, they'll have a comfortable amount saved for those college years.

2. Holidays/Birthdays: It's amazing how fast time flies. Kids seem to have birthdays every week. Oh and holidays! they get here before we know it. So it's really nice to have extra money for your little's for that barbie doll or toy truck they've been wanting. 

3. Future savers/saving habits: Managing money is never easy, even as an adult. So if we teach our little ones now how to save their tooth fairy money or their allowance now, they will grow up to be future savers. They will develop saving habits and they will know how to manage their money good as adults. 

4. Math Skills: Once your little's are big enough they will start to want to add their own money to their account. By doing this, adding and subtracting what they have. They will gain some awesome math skills. How many kids can say Abraham Lincoln taught them math? 

At the end of the day rather your little's have a saving account or piggy bank they are saving money, that's all that matters. While blogging, I have been making some money and I am super thankful for this. I recently had a great sponsor and I took my entire check from them and added it to the girl's bank accounts. Plus every time I get paid (from my day job) I add a percentage of my check to their account as well. Once my girls are old enough to understand all about saving I will probably let them open a checking account  too. Only time will tell, but for now, their little pennies are tucked tight away. Do your little ones having bank accounts?


  1. Savings for your little one is so important ! Especially if they want to go to post-secondary school! This was a great breakdowns of reasons why !

  2. I actually never thought of opening a bank account for my son but that’s such a great idea! Great life skills and teaches such great values too

  3. We opened up a bank account for our son when he was born, and we always bring it up as an option for birthdays and Christmas instead of gifts, but family usually want to get him fun things, like toys. Learning how to manage and save early on is an extremely valuable and important skill.

  4. So good Porscha! We have one for DJ but I need to consistently put money into it!

  5. I haven’t opened one for my son yet. Truth is I am still paying off the mountain of debt it cost me to have him! (Ivf baby). Even though I am not going to push him to go to college, I hope to open an account to help him buy his first car and other necessities! Great reminder!