Want to help your kids get comfortable and confident with managing their money? Today we’ll talk about giving them a head start by opening up bank and investing accounts with them!
Helping Your Teen Open a Bank Account and Invest
Do you remember your first bank account? I think I was in 6th grade and there was a program with a local bank where they would come in every two weeks or so and open up a school branch in the library.
Different grades were assigned a time slot and if your parents had opened an account for you, you could go in to deposit, withdraw, or just check the balance.
It was super basic, but let me tell you, everyone was excited. Why? Because it was their money.
Later when I started working, my mom and I went to her credit union – she’s a teacher – and I opened my checking account.
Each paycheck, I set aside something for savings, something for my checking, and kept the rest for fun.
These early lessons didn’t involve a ton of money or anything complicated, but they gave me confidence when it came to finances.
Earlier this year we had an episode about essential financial lessons to pass on to your kids.
This time I want to move a bit forward from those initial conversations to giving them tools to practice their financial skills such as having a bank and investing account.
Today we’ll dive into how to help your kids become financially savvy.
In this episode, we’ll dive into:
- Why your kid should have a bank account and when to get them started
- Three types of accounts you can use to help your kid get started with investing
- Essential investment lessons to pass on
Hope you enjoy it!
Resources to Teach Your Kids About Money
If you're looking for ideas and resources to prepare your kids to be money-savvy, here are some to check out!
- Best Budget and Money Apps: Personal Capital, Tiller, Mint
- Grab Your Copy: Jumpstart Your Marriage and Your Money
- Have a question about family finances? Send your questions in!
- How to Teach Your Kids About Money (w/o Being Boring!)
- The Opposite of Spoiled: Teaching Kids about Money (and More)
- Cash Crunch Junior: Have fun while learning about money with this board game!
- FamZoo: The family money management system we use
- Goalsetter: Education-based banking for the whole family
- UTMA vs 529: What is the Difference and Which One is the Best?
- Can My 16-Year Old Contribute to a Roth IRA?
- Investing For Kids: How to Give Them a Head Start
If you want to chat some more about creating better money habits, questions, or share your own tips please join us over at Thriving Families on Facebook.
Thank You to Our Sponsor Coastal!
Support for this podcast comes from Coastal Credit Union! If you’re living in the Raleigh Durham area and looking to bank better, come check out Coastal today.
As a credit union, Coastal serves its members first including an annual loyalty bonus.
Rollover Your 401(k) Easily with Capitalize
We’re grateful for wonderful partners like Capitalize. Not only do they support the podcast, but they help make managing your money so much easier.
Did you know that it’s estimated that there are currently over 24 million “forgotten” 401(k) accounts? In fact, the average American changes jobs every 4 years.
And because of the Great Resignation, you or someone you know might be changing jobs even more
It’s an extreme case of out of sight and out of mind. Is your old 401(k) in there somewhere, left behind at a job you're no longer with?
One huge benefit with an IRA is you get to choose how your money is invested, not your old employer.
If you want to consolidate your old 401(k) and have more options with how you invest, it may be time to roll them over into an IRA.
With Capitalize, they handle the process from start-to-finish – for FREE. They handle the process from start-to-finish, and yes that includes calling the 401(k) provider on your behalf.
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Support the Podcast!
Thank you so much for listening to the podcast! If you enjoyed this episode and found it helpful, here are some ways to support it.
- Spread the word! If you enjoyed this episode and think it can help a buddy get on the path to dumping debt and becoming financially free, please share.
- Leave a review. Honest feedback and reviews make a big difference and gets the word out about the podcast. Leave your review on Apple, Spotify, or Audible.
- Buy me a cup of coffee!
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