For this upcoming Fathers Day, this one goes out to the dads reading this – and, no, I’m not asking to borrow the car.
In preparation for the ties, partially mowed lawns or shaving sets you’re going to get this weekend, here’s a great tip to get your kids onto the right financial track: get them started with a bank account early in life.
I know the weekend is for you, but here is a great Dad-move that I still remember from my father. Kids who start with a bank account before teenage years are much more likely to know the value of money – and have fewer financial issues later in life.
All it takes is about a 10 minute appointment and about $20. For a kid, getting that first bank account is a big achievement, and they should be more than ready to start understanding that money IN the bank can be a lot better than money OUT of the bank (something that we need a reminder of from time to time).
A lot of banks offer junior savings programs that will add an extra bit of funds to your first deposit, points available for future transactions, and easy online tracking to show your child how far their account has come.
Teaching your kid to save and track their accounts is also a great way to remind yourself of the simple parts of savings. Watch the money that goes into your account and keep track of what’s there. You’ll be surprised at your child’s memory when it comes to her savings account.
This might not be the usual adventure to take with your kids, but it’s definitely an important one. After all, you need to earn that breakfast in bed on Sunday, right?
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