{"product_id":"bank-of-mom-dad-kids-savings-spreadsheet-that-pays-real-interest","title":"Bank of Mom \u0026 Dad: Kids Savings Account Spreadsheet That Pays Interest","description":"\u003cp\u003e\u003cstrong\u003eMy kids are old enough to know grown-ups keep their money in a bank. They are nowhere near old enough for a debit card.\u003c\/strong\u003e So instead of getting sleazed by a bank, I made our own family bank! No new accounts, no logins, no hassle. It even covers the \"I owe you $5\" moments when you don't have cash on you.\u003c\/p\u003e\n\u003cp\u003eHere's what I was trying to avoid:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eA big-bank savings account like Chase pays \u003cstrong\u003e0.01%\u003c\/strong\u003e. On $100 that's a penny a year. My kids have found more than that in the couch.\u003c\/li\u003e\n\u003cli\u003eThe kids debit card apps run \u003cstrong\u003e$6 to $20 a month\u003c\/strong\u003e. That's more than most kids will ever earn in interest.\u003c\/li\u003e\n\u003cli\u003eA custodial account means a pile of paperwork, and the money legally becomes theirs at 18 or 21 depending on your state. Ready or not.\u003c\/li\u003e\n\u003cli\u003eAnd every single one wants another login. I already can't remember the one for the water bill.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003eThe cash sits in a drawer. This spreadsheet keeps the books and pays interest the same way a real bank does, figured daily and paid monthly. I pay my kids 10%. Leaving money alone is suddenly their favorite hobby.\u003c\/p\u003e\n\u003cp\u003e\u003cem\u003eInterest is free money for doing nothing. Finally, something they're already good at.\u003c\/em\u003e\u003c\/p\u003e\n\u003ch3\u003eWhat you get\u003c\/h3\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003eA real monthly statement for each kid.\u003c\/strong\u003e Pick the kid and the month, hit print. Beginning balance, deposits, withdrawals, interest paid and every transaction. It even shows what the bank down the street would have paid them that month. (Spoiler: pennies.)\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eUp to 4 kids.\u003c\/strong\u003e Each one gets their own account tab, plus a summary page for the whole family.\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eInterest that pays itself.\u003c\/strong\u003e Figured on the average daily balance and added automatically on the last day of every month. Nothing to type, and nobody's doing math at the dinner table.\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eSavings goals with a progress bar.\u003c\/strong\u003e You'll hear \"how much more do I need for the bike?\" a lot less.\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eThe \"if you leave it alone\" table.\u003c\/strong\u003e What their money turns into in 1, 3, 5 and 10 years. This is the part that got my kids' attention.\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eParent Match.\u003c\/strong\u003e Match what they save. Like a 401k for a 9 year old.\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eKitchen drawer slip.\u003c\/strong\u003e For when they hand you crumpled cash at the gas station.\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eYour bank, your name.\u003c\/strong\u003e Bank of Mom, Bank of Dad, Bank of Grandma. Type it once and it's on everything.\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eA few easter eggs.\u003c\/strong\u003e Try setting the interest rate to 50%.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003ch3\u003eThe boring stuff\u003c\/h3\u003e\n\u003cul\u003e\n\u003cli\u003eExcel file (.xlsx). The download link shows up right after checkout. Nothing ships.\u003c\/li\u003e\n\u003cli\u003eAbout 5 minutes to set up with the Start Here tab. After that you just log money when it moves.\u003c\/li\u003e\n\u003cli\u003eThe formulas are locked so nobody breaks the math by accident. Blue text on yellow is where you type.\u003c\/li\u003e\n\u003cli\u003eIt's a record-keeping spreadsheet. It doesn't hold or move real money. The cash is wherever you keep it.\u003c\/li\u003e\n\u003cli\u003eQuestions or ideas? Email me at CreativeEntLLC@gmail.com. I read every one.\u003c\/li\u003e\n\u003c\/ul\u003e","brand":"Creative Enterprises LLC","offers":[{"title":"Default Title","offer_id":67629074710844,"sku":"DIG-BANK-MOM-DAD","price":9.99,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0667\/9802\/7068\/files\/1-bank-of-mom-and-dad_5b7b39ac-2f1b-4f53-bfd9-82a927aa466b.jpg?v=1791180907","url":"https:\/\/creativeenterprisesllc.com\/products\/bank-of-mom-dad-kids-savings-spreadsheet-that-pays-real-interest","provider":"Creative Enterprises LLC","version":"1.0","type":"link"}