Child Approaching Adulthood? Two Reasons To Get Them A Free Checking Account
One of the main purposes of parenting is to prepare your child for adulthood. Hopefully, your child will be an adult for much longer than they will a youth, so it's vital to do everything you can to get them ready to be a responsible, productive citizen. Although there are many components to the task, knowing how to handle money plays a huge role in your overall quality of life. Without good financial skills, you could easily find yourself destitute with nowhere to go. Take a look at a few key reasons why you may want to sign your child up for a free checking account today.
Free Checking Accounts Teach You How To Stow Away Cash
It's very common for some children to receive a piggy bank at a very young age. Maybe you've also purchased one of these banks for your child at some point in their life in order to help them understand the value of saving. While this is definitely a fantastic gesture, you also have to realize that a piggy bank is a tangible item that is easily accessible. All you really have to do is throw it on the ground to instantly grab the contents and do with them what you will!
Opening a free checking account boosts things up a notch. Take your child to the bank each week and have them deposit a portion of their allowance or work earnings. The old saying, "Out of sight, out of mind," applies here because when the money is in a distant brick-and-mortar location it's able to accumulate without being touched. Your child then begins to understand the importance of storing cash where they can't reach it right away so it grows and grows.
Protect The Cash With A Free Checking Account
There is a certain level of risk involved with keeping money in your house. If someone breaks in and takes your stash, you really don't have a lot of recourse in getting it back.
Storing your funds in a free checking account provides you with a level of protection that is nearly unmatched. The Federal Deposit Insurance Corporation (FDIC) backs up money that is stowed away in participating banking institutions up to a certain amount. This should provide you with peace of mind because if your money is touched by an outside party you may be able to get it back.
Opening a free checking account is one of many milestones on the road to full adulthood. Find a local bank or credit union and take your child on a little trip to that location right away.