A child who is guided in saving and spending will acquire a healthy respect for money.
Parents can help by having their children pick out things they want to buy and save for them in a savings account.
Some banks offer accounts just for kids, like North Shore Community Bank’s Junior Savers Club. Junior Savers receive a money bank and passbook. They take the bank home as a visual reminder of their savings goal, and the passbook helps them keep track of their earnings.
One piece of advice: Do not just take your child’s money and open an account for him or her. Actually allowing the child to participate in the activation of the account can be a major learning experience in itself.
Written in proud sponsorship with North Shore Community Bank, Wilmette. Cathy Pratt is the president of North Shore Community Bank in Wilmette.
