After you have made your money where do you keep it? Well, you can keep your money in a bank. In order to do that you will need an account. I recommend a savings account. Some banks even have kids’ savings accounts! You will need your parents to get your information ready if you will set up an account. A savings account is where you can keep your money safe and also know how much money you have. It also keeps you from spending it because it is easy to spend 5 or 10 dollars in your wallet but if it is in the bank you are unlikely to go there to take out 5 dollars. You can Deposit your money (or put in your money). Also you can take out your money which you shouldn’t do a lot. A savings account is where you can build up your money and save it. It is quite rewarding to see your money grow.
In order to keep track of your money the bank teller may give you a booklet and you can fill out the date, transaction description or what you put in, and total balance available.
Steps to setting up an account:
- Save up your money, you need to start off with money in your bank account.
- http://www.unitedbank-dcmetro.com/savings_accounts.asp United bank has a minimum opening deposit of fifty dollars and no fees. Most other banks have a $300 minimum. If you are at or below the minimum the bank will charge you fees and you will lose money. Not a good idea
- Ask your parents if you could have a savings account under their name. This will avoid those pesky fees.
- Go to a bank you choose and talk with the teller about opening an account.
- Your parents will take care of any information that might be needed.
- You have made an account! Now you can keep track of your money and add it to the bank!
- Set goals on Saving
- After you Save $500 then your next goal should be saving up for an investment account.