ASK MARY: When to get the kids their own account
Posted by Mary Caraccioli | Filed under Kids, Lifestyle, banking
Thanks everyone for the questions- keep them coming! Here is a good one about kids and money.
What age should children start having their own savings and checking accounts? -Mia
I think children can start having their own savings account as early as 4 years old. It is a great way to teach kids about money. But don’t make it a one time event. Regular deposits and watching the balance grow is an important part of the learning process.
As for checking – you may not want to be in such a hurry. If your child has a job and has a lot of their own bills to pay- then it could make sense to create one.
Before that time- you can start introducing your child to the idea of checking– by letting them watch you fill out a check and the ledger.
When they are ready- you can let them fill out the checks while you watch.
Once your child has the math skills then- show them how to balance a checkbook.
That is the real money lesson- when you learn to manage how much goes out versus what you bring in. Good Luck! – Mary Caraccioli
For more money tips watch Mary Talks Money daily on LiveWellHD TV network. To find it on the dial in your area visit
http://www.livewellhd.com/feature?id=6775183
Tags: checking accounts, kids and money, mary caraccioli, Mary Talks Money, saving accounts
