Entertainment | Publicity | Social Networking | Personal Finance
December 11, 2017, 08:04:13 AM *
Welcome, Guest. Please login or register.

Login with username, password and session length
Vision Without Glasses
News: Learn How to Use This Site. You must own The Social Networking Business Plan with Onefineham in order to post.
 
  Home Help Search Calendar   Articles   Login Register  
What Would You Like to Do: Browse Articles Browse Latest Posts Upgrade Account Top Domain Words of Onefineham
 
  Search  

The Best Savings Account for Kids Teaches Smart Personal Finance
Submitted By: Get Out of Debt Date: September 27, 2009, 11:52:27 AM Views: 1006
Summary: The best savings account for kids is one that the child finds fun while at the same time teaching good financial habits. It's not always easy to connect the dots between money and wise choices, but a few hints may make it easier to bring financial education into the home.

The best savings account for kids is one that the child finds fun while at the same time teaching good financial habits.  It's not always easy to connect the dots between money and wise choices, but a few hints may make it easier to bring financial education into the home.

I believe the best savings account for kids is an online account linked back to a local savings account. I think it is important very early on to educate children about the differences between rates of return and the usefulness of both types of banks (local and online). Both types of saving and loan banks serve a purpose for families and understanding how the two are the same and different will start your child down a good life long learning path.

There is no doubt that most people find finance and banking utterly boring. It simply is what it is. On the other hand there are a few fundamental concepts to teach children at an early age that will help them intuitively understand more important financial aspects in later years.

First among them is to differentiate between banking offers. Figuring out the best savings account for kids at your children's ages is a great opportunity to explore the different offerings in the saving marketplace and including the kids in the discussion.

Topics to discuss might include:

What is an interest rate?
In what country is this banks' headquarters?
What does FDIC mean?
Which bank has the highest rate?
All of these factors should be a part of parents' discussion with children about which is the best savings account for kids. It is also perfectly alright to have the conversation more than once, as needs change and the child grows.

Parents who take the time to learn basic business and banking information for themselves become well prepared to teach and demonstrate finance to their children. Given that public education is virtually devoid of teaching of basic home finances any pointers parents give their children are vitally important, because they won't get that information elsewhere.

While ultimately the lessons of basic money management are dull they are important. Here are some tips to help make the discussion about a savings account for kids more fun and meaningful to them.

If you're not sure about banking online, here's a few thoughts on how to open a bank account online wisely.

Rating: This article has not been rated yet.
Comments


Powered By SMF Articles
guitar guru general
Powered by MySQL Powered by PHP Powered by SMF 1.1.20 | SMF © 2013, Simple Machines | Sitemap Valid XHTML 1.0! Valid CSS!