4 Key Financial Accounts for Kids

Achieving financial wellness takes time and practice. And if you have children, you’d want to put them on the right path as early as possible.

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If you have children, you’re probably financially responsible for them in full or in part, but someday they’ll have to step into the real world and manage finances on their own. This could be a daunting task, especially since they can’t open accounts like their own credit cards until they turn 18.

But with your help, they can access various financial accounts. These could help them with tasks like budgeting, saving, investing and even preparing for college. So let’s take a closer look.

Joint Checking Account

Your child may have some form of income coming from a part-time job, allowance, or a combination of these. But rather than just stuffing their money in envelopes, they should keep it somewhere safe like a checking account insured by the Federal Deposit Insurance Corp. (FDIC).