Already on ArticleSlash?

Forgot your password? Sign Up

Tools For Teaching Your Child to Save Money


Visitors: 180

It is great for a child to have a special place to keep all the money he saves - like a glass jar or a bank. But when your child has saved up a bit of money it is a great time to teach them about how to save and manage his money. Help him open his own savings account.

Take your child with you when you go to open his first savings account. The child should be a part of the entire process and be right there with you as the banker explains the account.

A statement account is a good beginning because it gives you the ability to monitor the account along with your child. Your child will receive a monthly statement showing all deposit and withdrawal transactions and any fees charged or interest earned. You will receive the same statement.

When you get a copy of the statement, it is important that you review it with your child to be sure that he understands each and every line item so that he can keep track of what is happening with his money.

Fill in any missing details that you feel will help your child learn to budget. Pencil in the reason for each withdrawal to help your child see clearly where his money is going each month.

There are other types of savings as well with features that are good for keeping track of spending and learning to budge. For example with a passbook account your child will be given a transaction booklet that he will need when making deposits and withdrawals. With every transaction made the book is passed through a machine and the transaction is printed right into the book for easy balance calculation.

The passbook savings account is good for kids who need to keep up daily with their balance instead of waiting until the monthly statement is sent.

If you are a member of a credit union your child will be able to start account with your credit union and become a member himself. You can go to the bank or credit union together to pick out an account that best suits his needs. There will most likely be some nice incentives for opening a new account.

Can cancelling a credit card help you get your debt paid off faster? Get the inside scoop on the Debtopedia website where you'll get your free copy of my report Secrets Of Credit Card Debt.


Article Source:

Rate this Article: 
Teaching Your Child to Write
Rated 4 / 5
based on 5 votes

Related Articles:

Teaching Sounds in Reading Uncover Some of the Most Successful Methods in ..

by: Isa Skrobola (July 21, 2008) 
(Reference and Education/Home Schooling)

Tools And Tips To Help You Save Money At The Gas Pump

by: Scott Daugherty (January 31, 2008) 

Tek-Tools Explains Ways To Save Money with Profiler

by: James Marley (February 24, 2011) 
(Computers and Technology/Hardware)

How to Save Money to Send Your Child to School

by: Michael Benifez (September 30, 2008) 
(Reference and Education/College University)

Teaching Tools

by: Eric Morris (January 23, 2007) 
(Reference and Education)

Baby Sun Protection and Child Sun Protection Teaching Your Child About Sun ..

by: Marta Phillips (June 29, 2008) 
(Home and Family/Babies Toddler)

Health of Your Child - One Simple Change Can Save The Life of Your Child

by: Cheryl Webb (March 18, 2008) 
(Home and Family/Babies Toddler)

Autistic Child Teaching

by: Mindy Limbart (June 22, 2007) 
(Health and Fitness)

Teaching a child to walk.

by: Helen Davies (May 05, 2010) 
(Kids and Teens)

Teaching Your Child to Write

by: Rajni Seth (February 07, 2008) 
(Writing and Speaking/Writing)