Eva, Calgary mom and ATB team member, knew it was time to take her kids' financial education to the next level. It wasn't that Mia (5) and Teddy (7) didn't know anything about money—Eva had already introduced foundational concepts like saving and donating. But a few recent events made her realize it was time for a more hands-on approach. "Why can't people with less just do more chores for money?" Mia had innocently asked when they were discussing donating to charity.

Teddy, an avid LEGO Speed Champions collector, would often get frustrated when he didn't have enough money to buy the latest model. "I would like for him to learn the concept of saving and the fact that it can take a bit of time to achieve financial goals," Eva shares.

These moments sparked Eva's decision to open Mia and Teddy's first bank accounts. "Financial literacy is super important for them to learn at a young age so they can form good habits," she explains. But Eva also had another, slightly more secretive, motivation: envelopes overflowing with cash.

"My kids don't know they're actually kind of rich," Eva laughs. Birthdays, Christmases, Lunar New Years and especially their 100th-day celebrations had resulted in a small fortune. "In Chinese culture," Eva explains, "we don't do baby showers, but we hold 100th-day celebrations. It's a celebration of a new life entering society after overcoming their initial physical vulnerability, and people close to the family…come bearing gifts of red envelopes stuffed with cash."

Before their bank accounts, all that money "was just sitting inside a ratty Ziplock bag, in a bin, on a shelf," Eva admits. "I had taken one red envelope and collected all of their money." It went against her organized nature, so she tucked it away, "out of sight and out of mind."

Even without official bank accounts, Eva had already started her kids on their financial literacy journey. She introduced a simplified version of the 50/30/20 rule: 50% of any money they receive goes towards long-term savings (like a car), 30% is for current wants (like LEGO), and 20% is for donations. "They love the donation coin tunnels at the Calgary Public Library," Eva says.

Mia and Teddy earned money for chores, which they kept in their piggy banks. "They understand that Mommy and Baba need to work at jobs in exchange for money to buy things and pay off debts that we borrow," Eva explains.

They also knew about the red envelopes they’d get from their grandparents each Lunar New Year, which went straight into their piggy banks. "But they have no idea about my ratty Ziploc bag of money from their 100 day celebration and other cash-gifts they got when they were too young to handle money," Eva confesses

During their first bank visit, Mia and Teddy (with the help of Eva and advisor Kayley) traded their piggy banks for their very own bank accounts and debit cards. They even got to make their first ATM deposit.

Eva started a savings account for each child, with plans on opening second accounts with GICs for their long term savings. "Their [savings] account allows only one spending transaction a month, so they'll need to really want something in order to spend their money," she says. Eva holds onto their debit cards for now, and they can use them for their monthly purchase with her help. Once her kids are a little older, she said she’ll open chequing accounts with less transaction restrictions.

"When they make a deposit, they'll get the receipt for it and put it into their piggy banks," Eva explains. "Then they will keep collecting cash as they did before, along with the receipt of what they have in the account. We will be making deposits regularly.” 

To keep track of their savings, Eva plans to log into digital banking with her kids. "If they’re curious to see how much they have to spend in their account, I can show them. We'll talk about small savings goals."

Eva recounts how Kayley engaged with Mia and Teddy during their bank visit. "Our advisor, Kayley, asked what they were saving for—for Teddy this was a giant Pokémon stuffed animal. She used that as an example of a savings goal, versus wanting something immediately and wasting money on those instead."

Mia learned that she has her own bank card and that her PIN is a secret shared only with her mom. Teddy declared that he "doesn't need a piggy bank anymore, because I have a bank card."

Thanks to their meeting with Kayley, Eva says Mia and Teddy now understand that their debit cards represent money, and that there's a limited amount available. "They're excited about the portable aspect of it. Previously we'd be at a store and they want something but can't get it because they didn't have their piggy banks on them."

And what about that "ratty Ziploc" full of money? Did Mia and Teddy ever find out about their secret stash? "Not yet, but when I have it locked into a GIC I might," Eva says. "Teddy is good about this but Mia is still learning that some information needs to stay within our family."

Reflecting on her own childhood, Eva wishes she had learned more about money earlier. "I wish I knew the process of money transactions," she shares. "My mom always likes to recount the story of how I whined for her to buy something and would urge her to go to the ATM for money. I wish I knew that people had to earn the money and put the money away for later use, that it doesn't come from a magical ATM."