**continued from last week’s blog**
Putting Money in the Bank
Open up a bank account for your child and take them to the bank regularly. This helps kids to understand where money comes from and where it can be stored safely.
It is important to have a relationship with your bank or credit union early, to understand that bankers are people just like you and me! From my experience, many youth find it intimidating to enter into a bank let alone speak to staff there. By making this a routine, you are helping kids understand that this interaction is a normal part of life. Also, this will drive home the point of keeping track of your savings/spending is important.
During each visit, ask for a print out so that your kids can visually see what is happening with their money. Money in today’s world is so vague with taps and swipes of cards, break it down into tangible things your kids could understand.
One Saturday a month, my dad would take me to the bank with my money from the savings piggy bank to deposit it into my account. At 5 years old, I didn’t understand direct deposit of pay cheques but I could understand taking money from my piggy bank into the bank to save it for my future.
Get a receipt for the money deposited and show your child how to store it so he or she is keeping track of their savings. This experience taught me to build a relationship with staff at my bank, it also made it easier for me speak to a banker when I had a question since I visited and knew them from a young age
**This is the third part of a four part series. See next week for the conclusion.**