First Communion. Memories of this event are powerful for any young Irish Catholic child. First Communion was a BIG deal. The nuns at school prepared us for months. And the excitement across the classroom was evident. The planning at home was exciting.
For me, the white dress meant very little as it was a hand-me-down that barely fit and under other circumstances would have been deemed too short. Only the head piece of pearls caught my attention. This gem ridden adornment was part of my Mom’s wedding garb, and the shine caught even this tomboy’s interest.
My memory of this day is vague and rests in photographs. However, after the day is what I remember. That I could count so high! My pile of First Communion cards landed with two dollars here, a fiver there, or a ten-dollar bill on rare occasion. I knew the money would sit until my thank you notes were in the mail. My Mom insisted on hand written thank you cards.
On Sunday, the day after my big day, I was young enough to report to my Dad how much money I had! What I thought I was going to do with $80 is beyond me. That kind of money in 1968 was a fortune to a child. My piggy bank may not have even been able to hold it. I do know I had stars in my eyes, understanding I was holding more money than ever in my life.
Dad said one simple thing to me that changed my life.….
“I will give you twenty dollars to make it a hundred if you put it in the bank.”
I was quick to accept the offer. And pretty speedy to write those thank yous. My first financial deal was sealed.
I saved my last bank book.
First Communion photo unavailable
Dad was not the one to take me to the bank. Probably my Mom or older sister walked me to the end of our street and across Main Street to the local branch office. I had been to this small bank before accompanying family – all who were older than me. Various family friends worked there over the years, so it was not an intimidating place.
That $80 would be worth $765 today – no wonder I had no plans for buying something. That is way more than I can imagine. And the $100 that opened my bank account? That would be worth close to a thousand dollars! https://www.usinflationcalculator.com/
Today, my original account is closed, though I can still rattle off the number. The bank is gone, merged with a bigger bank. I have the bank book with a box of mementos.
My Dad made a sound investment on that Sunday in 1968. He passed away eighteen years ago. Yet, that memory and the lesson ingrained in me has lasted a lifetime. Savings is good. Thinking ahead is great. And even a seven-year-old can have grown up things like a bank account. I also learned round numbers are fun to aspire to. Plus, watching it grow with my babysitting money, and interest taught me the power of compounding.
Having a savings account? That lesson is timeless and priceless.