All parents are concerned about their child’s future. The kids observe and replicate their parent’s actions, and smart money management will be no different. You can open a bank account for your child in banks like columbia bank edison.
Apart from that, you all should spend some time imparting financial literacy to your children. You can opt for a custodial account till the time your child is ready for handling it. These tips will give you a headstart for your children’s path to success.
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Try to make account opening a fun experience
Allow your kids to participate while you’re opening the account. This will urge them to show interest in banking and help them learn better.
Kids will be thrilled to participate in something so important. You may also request the bank for a tour. Such experience will spark interest in your child and make them feel welcoming.
Make pit stops with your child at the bank
Whenever you’re heading to the bank, don’t forget to take your child along with you. You should talk more often about saving and spending decisions.
When you’re depositing cash into the ATM, you can make your child put the money or even enter the credentials. You can also point out ways to save some cash from monthly expenses or adding amounts for a family vacation.
Share more about finances as they grow
Your five-year-old may not be ready to understand bank statements. By the time he/she is 12, you can give it a shot. When your children grow old enough to go for jobs, they’ll be already aware of taxes and finances.
You should also help them to understand scams. So, when they have their first email, they’ll know what to do about bank fraud emails.
Wrapping it up
A lot of kids find banking to be a fun and exciting experience. Try to find more ways to educate your child about finances. There’s no harm in prepping up your child for the real world.