GET OUR MONEY TRACKER FOR KIDS –
Hey, welcome back! You did an amazing job. You learned to save money and spend smart. Now what? It is time to put your money to work! If you are new here, start from the beginning – the link is in the description below and up in the cards. Let’s get started!
How do banks work? And how do people use banks?
Lots of people keep money in the bank!
When you give your money to a bank, it’s called a deposit. And when you open a special kids’ account this will be a great account just for you with some special perks. Banks will pay you for every dollar you keep in a savings account! The money the bank pays you is called interest. The bank will pay you interest every month you keep the money in your savings account!
But why would they do that?
Banks lend your money to other people because when people don’t have enough money, they often borrow it from the bank. When they return the money back to the bank – they also pay a little extra to the bank.
Let’s say you borrowed $10 from a bank. You get the $10 right away. But when you pay back the $10, the bank will charge you $1 or $2 extra for giving you the money when you needed it. So you pay the bank $11 or $12. That’s how banks earn money.
Without money from people like you, banks wouldn’t have any money to lend. That’s why banks will pay you interest.
How long can I keep my money in the saving account?
Every month, the bank pays you money in your savings account. And over time, that extra money really adds up!
Imagine if your parents gave you $100 for your birthday every year for ten years. If you put it in your piggy bank, you’d have $1,000. But if you put it in a savings account, you might have $1,100 or even more. That’s an extra $100, and you didn’t have to lift a finger! That’s why it pays to open up a savings account!
This was our last episode in this series, but guess what – we put a bonus episode for those of you who want to learn more – we will discuss books that talk about smart money and are written for kids. And please if you know a kid who wants to be money smart – share our series with him
Learned something new? Come back next week – we will be talking more about saving money and some books that will help you to continue your financial education
Get your “101 TIPS FOR TRAVELING WITH KIDS” printable here –
DON’T FORGET TO SUBSCRIBE TO OUR CHANNEL –
SEE OUR LATEST VIDEO AT
KEEP UP WITH US ON OUR WEBSITE AT
AS WELL AS:
Way 2 Good Life Kids video channel is a fun creative channel for families! Our video projects include fun family activities, books, family travel, and everyday experiences from the kids stand point.
Way 2 Good Life Kids is a part Way 2 Good Life family. Our family website covers a variety of family-related topics including kids content, family travel and activities, and so much more! With a social imprint of over 52,000 fans (across a number of social media channels including Twitter, Pinterest, and Instagram), we know how to capture the moment and share it with our audience.
Please LIKE SHARE COMMENT and SUBSCRIBE –