I think it is about time to open a savings account for my oldest kids. My Dad opened a saving account for me when I was about their age. The money in it came from bottle returns. My Dad was and still is hooked on Diet Dr. Pepper. I'd get 5 cents per bottle and we'd go probably once a quarter and get about $50 in bottle money. Then he'd take me to the bank where I could deposit it.

He also opened up a mutual fund for me that was aimed at kids. It invested in things kids would like - Coke, Disney, amusement parks, etc. They would send out a quarterly newsletter to teach kids about investing. I think he was putting $50 a month in. When I got married, he gave it to me and I held onto it until we were ready to buy a house and used it as a down payment.