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June 16, 2009
Money Management | Personal Finance

At what age should my children open a savings account?

    Published: 06-16-2009
    Views: 16,190
    • Description
    • Transcript

    Description

    Family financial expert Janet Bodnar discusses how to teach your kids about money, including at what age should your child open a savings account.

    Transcript

    Host: At what age should my children open a savings account?

    Janet Bodnar: Well, first of all I think that kids should be saving some money at a very young age, even preschoolers can do that with savings banks. Now, as far as opening a savings account that's a really interesting question. I think kids have to be around the age of eight or nine to at least understand what is saving account is all about. Kids are funny. They think that when they deposit their money in a bank, a regular bank that the bank is going to take their money and keep it on a shelf for them and when they come to get their money out the bank is going to give them the same bills and coins that they put in and if you try to tell them that that is not exactly how the bank is going to work. They will still get the $10 bill but it might not be the very bill that they put in they don't like that. They really resist that idea and this lasts pretty for a long and they have to be a little older and little more sophisticated to realize that they are not going to get the same $10 bill back and to feel comfortable with that.

    So, when you open an account for them you have to be very careful to explain what's going to be happening to make sure that they are old enough to appreciate some of the abstract idea of how a savings account works but as soon as they can do that it's a good time to open an account.

    Another little rule of thumb I have is that once the soft drawer is bulging with say over a hundred bucks. They have a got of couple of hundred bucks in there from birthday money and that sort of thing that's time to open a savings account and actually, put the money in the bank so it does not get lost or stolen. You always want to keep a little bit of money in the soft drawer that's the ATM machine for kids who can not drive themselves there on their own.

    Videos in this Series

    1

    How to Teach Your Kids About Money

    2

    Why is it important to teach my kids about money?

    3

    How early should I begin teaching my kids about money?

    4

    Should I rely on schools to educate my children about money?

    5

    What are good ways to teach younger children about money?

    6

    Should I give my kids an allowance?

    7

    What is the right amount of allowance to give my children?

    8

    Should allowances be tied to chores?

    9

    What are “financial jobs?”

    10

    How can I help my teens learn good money habits?

    11

    At what age should my children open a savings account?

    12

    What are some everyday ways to teach my children about money?

    13

    At what age should my children get a debit card?

    14

    At what age should my children get a credit card?

    15

    Should I use money to reward or punish my children?

    16

    At what age should my children get a job?

    17

    Should my children donate to charities?

    18

    How much should my children contribute to savings for college?

    19

    How can I teach my children to invest money?

    20

    How can I set a good financial example as a parent?

    21

    What do I say to my children if we manage money badly as parents?

    22

    What do I do when my children ask for expensive things?

    23

    Should we discuss finances as a family?

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