With my 6 (almost 7) year old I've been giving him 2% daily interest on whatever is in his chequing account. He's aware I'll scale it back when it gets out of hand :) But so far he spends enough on nerf equipment that it hasn't posed a problem yet! Now he wants to keep more of his money in the bank to see it grow, and I didn't have to say that specifically, which was the entire point.
A rule I did have to institute later though is that if he forgets to ask for his interest that evening, he doesn't get paid.
We also have to rely on his last bank receipt to calculate the amount owed because it appears impossible (at least here in Canada) to open an online account for a child his age.
A rule I did have to institute later though is that if he forgets to ask for his interest that evening, he doesn't get paid.
We also have to rely on his last bank receipt to calculate the amount owed because it appears impossible (at least here in Canada) to open an online account for a child his age.