Nathan and I were “KidsSaving” his recent transactions yesterday. That’s when we reconcile his bank statement with his KidsSave Account. But it’s also when we make sure that his recent charity contributions or other expenses, get recorded.
He looked at the balance of his bank statement with wide eyes and said, “That’s all I have in the bank?”
It was over $400 so I was a little surprised at his concern.
“Haven’t you been keeping track in your registry?” I asked. He got a checking account this past summer so he’s been making more transactions than appears in his KidsSave Account. As someone who teaches personal finance to kids, you can be sure I went over the importance of keeping a running record in the registry.
He wasn’t. And I knew that, but after reminding him several times to keep track, I decided to wait for him to learn his lesson on his own. I was hoping it wouldn’t be an expensive one.
It wasn’t. But the scare he got seeing his “low” balance (he had deposited over $300 recently and it wasn’t reflected in his statement) made him a believer in registry recordings. At least, it did last night. We’ll see if he follows through, otherwise, it still may end up being an expensive lesson.