Our Frugal Lifestyle

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Passionate about eco-frugality. I used to party hard, clubbing my way from pay-packet to pay-packet. Never getting ahead, just getting by. Then came our much wanted baby with no savings in the bank - only an old car. Changes were made to our lifestyle and we didn't turn back. In the past 6yrs we purchased a flat, found employment, lived below our means, built an emergency fund, purchased a reliable car and saw the financial benefits of our frugal lifestyle. Our only debt is our mortgage. Our aim is to manage our cash flow wisely, pay off our home quickly and eventually work for pleasure, not necessity. Join us on our journey, share insights, tips and tricks to help us and others to get ahead while having a good time.

Friday, February 3, 2012

Kids Banking

Dolly received a info pack from a prominent Australian Bank at school today. This is well timed with our home financial education starting this week. I read the letter directed at parents/guardians to her and asked if she was interested in having a school banking opportunity. She is excited. I think it's a really good thing to incorporate peer based experiences in our financial education project.

The free pack had the sweetest little magnets that she can write savings goal with.

It also included stickers and images on token exchanges. Each time a child has deposited they are entitled to a token. 10 tokens allows them a goodie of their choice from the list.

Dolly will be ready to deposit money very soon. Remember when I wrote about cash for cans here? Well I have asked 2 neighbours for their bottles and cans so far. In the space of 6 days we already have about 100! That's $10 cash for cans and the collection starts on the 9 of February.

here's a link to the commonwealth bank kids area.

If you have any great links or book ideas on financial education for children please share in the comments section.


  1. We used to have school banking when I was little and it was such a buzz saving pocket money and seeing it mount up slowly.I haven't heard of any school banks for years now, certainly not when my four were at school, such a pity as it does help kids learn good habits and appreciate the value of money.Dolly will soon be able to add her can money to her nest egg :)

  2. I really regret not taking advantage of school-based banking for My Chick. We deposited about $16 in kindergarten (transition / prep) - $2 / week until the novelty wore off or I became too disorganised to remember banking day.

    One of her school friends religiously deposited $100/week for the three years of schooling they shared. I think her parents used it as a fee-free, relatively high interest college account.

    The interesting thing about this bank is that they automatically convert the account to a 'youth saver' and then an adult transaction account when the child turns specific ages. In a way, they 'bank' on consumer loyalty by targeting 5-year-olds. They don't expect parents will teach their children how to choose a banking institution (though I'm sure you will teach Dolly when the time is right). What are the ethics of this? And does the bank have a relationship with government schools? It all seems a bit sticky to me.

    (However, My Chick still banks with them, with the original account she opened as a 5yo. I have changed banks after a nasty experience.)

  3. wow this is so awesome! i wish i had all that available to me when i was younger.

  4. Both my kids have School banking books, though I found myself forgetting to send their books after a while! My son is too old for it now but each fortnight I transfer money into his account via online banking and do the same with my daughter when I forget to send her book. Amelia got a job book where you can write down the money earned from chores. She loves it!

  5. NTO, I'm happy with a bit of school banking. However diversifying is important too, which we are trying to do.

    Hi Dreamer, As I get myself better organised, I feel she and I can learn together regarding money and bank options. This was around when I was a kid but my mum never joined me.

    Ms Dig, I was thinking about all this when I received the info pack. I wondered how the commonwealth had a foothold in Australian schools all these years. I also though how they were brainwashing smart in getting their future adult customers early on in schools. Children who are exposed to brands are usually faithful brand followers as adults. Ethically I don't think it's right but I want her to have a bit of a peer thing - so I'll go with it for now.

    Fariha, This was available when I was a kid but I was never involved.

    Hi Lisa, I will let her place some of her cash for cans money in this school banking program. However I also have a ANZ online saving account for her where I placed $7 a week for the long term future. That's $1 a day. I also have a ING account for her where I place her money gifts, earnings from odd jobs (feeds neighbours cat 20 cents per day when he travels). The Rambling Expat also places aside $7 a week for her - but this is placed in shares. We thought $1 doesn't affect our lives too much but will be a incredible start to life for her if things are tough in 2027 when she is 20. It's a learning experience for all of us.

  6. Wow, that's amazing! I've never heard of a school bank, but it sounds great! :D It would have been great to start early. I was never really encouraged to save regularly (or at all, really... :-S) It will be great for Dolly!! :D


Thanks for commenting - I love getting feedback, sharing experiences and learning from you.