July 21, 2024

Financial Literacy for Kids - Finance for Kids - Financial Capability - Teaching Kids about Money



Published May 14, 2023, 2:20 p.m. by Courtney


When it comes to money, parents often tell their kids to just wait until they are older to worry about it. But if parents want their children to be financially responsible when they grow up, they need to start teaching them about money early on.

There are a few things parents can do to start teaching their kids about money. One is to give them an allowance and have them save up for something they want. This will help them understand the concept of delayed gratification.

Another way to teach kids about money is to have them help with the family budget. This will show them how much money needs to be spent on bills and other necessities each month.

Finally, parents should encourage their kids to start thinking about their future and what they want to do with their lives. This includes talking about college and careers. By doing this, parents can help their kids start planning for their financial future.

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welcome to learningmole.com

today we are going to look at different

types of bike accounts

[Music]

rn remember you told me to save my

birthday money yes and did you

yes i decided that i wanted to save up

for something big

something big

like a car

no silly a video game console

good idea

then i can play it too

but aaron remember he said that i had to

put my money away in the cfps

yes well i can't remember where i put it

oh james what will we do with you you

really need to ask mom to get your bank

account

good idea but there's different accounts

which one should i get

don't worry mom and dad will help you

with that

but i'll explain for you

you are correct there are two main types

of accounts current accounts and saving

accounts

savings that's exactly what i made

yes but you may want to turn the kite

when you're a little older why what's

the difference

well saving accounts doing exactly what

they say

they help you deceive

if you put money in these accounts

you will usually earn a higher interest

which means

you'll have even more money than what

you put in

that sounds amazing but what's interest

well interest is money that the bike

will give you for saving your money with

them

the idea is that you leave your money in

there for a long time and you save

enough to buy what you want

free money

well not really banks pay interest

because they use their money for other

projects

it's like renting a bike on holiday

if you want to have a bike for two hours

you must pay the owner some money

buys work in the cmwa they will borrow

your money for a while and pay you a

rental fee

or interest oh i never knew that

so what's the current content

well current accounts are different

because they are accounts that you may

use to put money in and take it back out

often

most bikes won't allow you to open one

of these accounts until you are 11 so

you might have to wait a while games

basically a current account allows you

to put money in take money out

pay for things in shops and online and

even get an atm card an atm card that's

the card that you can use to take money

off a cash machine isn't it

yes exactly you can also use atm

or debit cards to pay for things but

that's for another day okay so a saving

the count to this day

now i just need to find my money hiding

please

where did i remember now i put it in an

old smelly sock to stop anyone from

stealing it oh no i hope mom hasn't

washed it dms time to get a bank account

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