Money Doesn’t Grow on Trees

If you’ve participated in financial seminars, you have probably learned that your attitude about money was likely formed when you were a child. I remember what I was told about money.

Dad often said, “Money doesn’t grow on trees.” When I asked my parents for something that was expensive I argued, “But Susan got one.” Mom’s response usually was, “You aren’t Susan.” Things like this taught me valuable lessons about the importance of money, but I may have taken it to an extreme. I thought if saving a little bit was good, a lot of penny pinching was even better.

When I was 10 years old, I got my social security card. I felt like a big-deal-grownup when I signed my name on the form. I stood a little taller when the postmaster handed me the flimsy white card with the blue writing. I carefully placed it in my little pink purse and asked Dad what I could do with it. He said that I could open a savings account at the bank. Of course, the next question I asked was, “Where do I get money to put in that bank account.” It was the perfect opening for Mom to say, “Your allowance. When you do what I ask you to, we will pay you.”

Several weeks later, Mom took me to the bank with my first week’s allowance of 50 cents and some money I received as a gift. All told it was a $5.50 deposit. I was instructed how to write in pencil in the navy blue, passbook savings account booklet. The bank teller said when I made a deposit, I would add it to what is already in the account. I kept in securely locked up in my toy music box that played Swan Lake when I opened it as the little ballerina spun around in a circle. I threatened my brother to not even try to break into that fortress.

Up to that point I hadn’t thought much about money. This opened a whole new world for me. So much so, my family remembers that “Robin had strings through her quarters” meaning I didn’t ever spend a dime. When I would stay overnight with my grandparents, Mom and Dad would give me spending money. Granddad and I would go to the corner market. I picked out my comic books and candy and laid them on the counter. Then I’d stand there with my hands deep in my pants pockets being careful not to jingle the money, looking pitiful, until Granddad paid for it.

I watched my savings account build to a whole $10. Then when I asked Mom and Dad to buy something I wanted, they said to take it out of my savings account. That had impact. I made sure I really wanted it before I spent my hard earned money. What a great lesson in learning the value of a dollar.

Today’s gift was to open a bank account at a small town, community bank that has expanded to our area. They hired a local banker who is well known and respected in our town. It is important to have a personal banker that we trust. Since money doesn’t grow on trees, I am enjoying saving it in a place like the bank where I had my first account.

In Giving,

Robin