How Do You Use An Online Savings Account To Teach Kids About Money?
Who knew that an online savings account could teach a child to make responsible money decision for the rest of his life. Follow these instructions to teach your child to form the habit of planning ahead to accomplish his or her goals. The online savings account is not completely necessary, for this lesson, but if you decide to use one, you will also be bundling in a lesson about using a computer for financial transactions. First, sit down with your child and have a discussion to decide on a few things that he values in his life. I suggest guiding the discussion towards three broad categories, 1)day to day happiness; 2) a richer happiness that comes from planing and saving for bigger goals (like college); and 3)a sense of obligation to the community. After settling on these goals, help him to set up an online savings account for each goal, and name the accounts accordingly. Most banks will let your child set up a junior savings account with you as the co-owner of the account. This would
