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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