Eventually, you’ll want your child to move away from a basic piggy bank and explore working with a regular bank. These are the key points you’ll want to touch on as your child gets ready to open his first account, according to www.bankaroo.com.
*You don’t lose your money when you deposit it: Very young kids tend to think very concretely, developing their ability to reason and think abstractly over time. At first, it can be difficult for them to understand that they keep ownership of the money they put in the bank. You’ll need to explain to your child that the bank is like a piggy bank on a much bigger scale, and that bank tellers and related workers will look after the money for him. If needed, take a little money out of your own account so he can tangibly see that you always can ask for the money back.
- Banks offer multiple ways to work with money: Kids can work with their…
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