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November 5, 2015: Kids’ Money Practices
It’s important to teach our kids how to handle money from a young age, but how can we make it practical for them?
When my kids were barely in elementary school, I took them to the bank to set up a savings account and get them an ATM card and checkbook register. The only problem was that without regular deposits and withdrawals, they lacked the practice I was hoping for and managing their money.
Instead, I realized I could set up a time sheet at home for chores and pay my kids weekly. Since banks are happy to give you checkbook registers for free, we then started using those to keep track of not only their income, but what was going out into their spend, save, and give accounts.
While our younger kids may not be ready for ATM cards and checks of their own yet, they can begin to practice the necessary behaviors at home that will make them ready for such products when the time comes.
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