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Tag Archives: children and money

Should You Open a Bank Account for Your Child?

Should You Open a Bank Account for Your Child?

Shortly after I was born, my parents opened a savings account for me.  They didn’t deposit money into it regularly over the years, but occasionally they did add to it. Once I was old enough to have a checking account too, I had at least a few hundred dollars already set aside in savings. But, not everyone follows my parent’s example. Some people open an account shortly after their children are born and save thousands for their future. Others wait until the child is a teenager and able to make and control money themselves. Still others do neither, preferring to let their child handle it on their own after reaching adulthood. Clearly there is some controversy over the matter. Should you open a bank account for your child? 3 Reasons to Open a Bank Account for Your Child 1. Teaches Good Financial Habits One reason you should open a bank account for your child is to teach them good financial habits. Keeping records, balancing a checkbook, and paying bills on time are not skills each of us is born with. These habits must be learned. Teaching kids by example and hands on training is one of the best ways they ...

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3 Ways to Create a Culture of Savings in Your Home

You might not have the time or ambition to be an “extreme couponer,” but there’s no reason why you can’t cultivate a culture of savings in your home. With convenience driving a lot of peoples’ decisions these days, it’s no wonder that Americans are having a tough time saving money. In fact, according to a recent article in the Huffington Post, 75 percent of Americans don’t have enough money to cover their bills for six months. There’s a high premium on convenience. Here’s how to turn the tide and save more money:  Cultivate Family Values In order to get your family on board with you, you need to cultivate certain values that all family members can agree on. If there’s no common purpose for saving money, your family will be reluctant to make any changes – let along major changes – to their spending habits. Everyone in your family must see the significance and importance of changing their spending behaviors. For kids, they must be taught, in simple terms, what it means to save money. They must be taught the benefits and consequences of spending money, and why there is a value in saving. Maybe you and your family really ...

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