How to Teach Kids About Checking Accounts

Step-by-Step Guide

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   Step 1: Explain to your child that your bank or credit union keeps your money safe.

   By keeping it there, you don't have to carry large amounts of cash, it can't be lost or stolen, and you can write checks or use a debit card to make a purchase.
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   Step 2: Tell your child that the presence of checks or a debit card doesn't necessarily mean money is available to spend.

   , Explain how money deposited into the account is added in the register, while money spent using checks or your debit card is subtracted. , Show your child how to correctly fill out a check and have him practice recording simple transactions into the register. , Explain this is how you keep track of how much money you have.
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   Step 3: Show your child your check register.

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   Step 4: Ask your financial institution for a pack of starter checks and a blank register (or print samples from the internet).

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   Step 5: Stress the importance of writing an entry every time money is moved in or out

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   Step 6: and of keeping the total updated.

Detailed Guide

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