Reasons why you may want your child to have a savings account:
- Teach them about saving money from income they earn, aka, allowances, chores, part-time jobs, etc.
- Teach them how banking works (deposit checks, take cash out ATM machine, check balances online, etc.)
- Teach them the basics of how money works. How much interest they can earn, etc.
- Set specific goals for savings: buy a video game, a new electronic device etc.
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