Providing your kids with a sound financial education is one of the most important steps you can take to promote a better future for them throughout their adult lives. A financial education will provide kids with the tools they need to make better spending and saving decisions. A key aspect of a solid financial education involves providing kids with money management tools and teaching them how to use those tools responsibly.
Checking and Savings Accounts
Many parents will open a savings account for their children very early on in life with birthday and holiday money. They may contribute to this account on their own as well. However, once kids are old enough, they can start working around the house to earn an allowance. When kids are old enough to work at a job outside the house, parents should help kids open a checking account at the bank.
With regular oversight and attention to these accounts, parents can teach children to save a portion of (Read More....)