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

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