Today I am going to be talking about an interesting topic. So we all know about the banking products for adults such as credit cards debit cards, but do u guys know about the banking products for kids ?There are products for kids which I will now explain.
These are a few banking products for kids
Custodial accounts- Since children are not allowed to have their own bank accounts this account will be managed by their guardians but it is owned by the child. The guardian/custodian is not allowed to withdraw money for their own purposes. Then when the child turns 18 the account will just be a usual account
Joint accounts - This is an account which is held by the child and the parent. Parents can put limits to teach their kids how to spend wisely. Money can be withdrawn both by parents and the kid
This one is known as prepaid debit card which helps your child spend wisely while it also doesn't have any interest
Trust funds- This is how it works the person who gives the money gets to decide the assets and everything and when that person dies his position is given to the heir
Education savings account- This account can be used to save money for your kid’s future studies it can be for college or even high school
In my opinion the education savings account and joint accounts are the best .You can save money for your child's future in the education savings account whereas in joint account you can have a mutual financial relationship with your child
Now I am going to talk about apps related to this topic
Saving Spree-This is an app recommend by everyone. In the practice sessions kids learn about wise money spending. They also explain concepts such as interest etc..
Celebrity calamity- This is an award winning app which features the spending of the kids favourite celebrities
Renegade buddies- This is an app where the child lives an actual life of finance with shopping and things like that
Star bank adventure-This is an app which combines tricky questions as well as puzzles to improve the way kids spend
According to me all of the apps I have listed are really good since they are one in hundreds and many people have reviewed it.
Please leave ideas for what I should write about next.
Very interesting topic.
ReplyDeleteYou may also point out benefits of monetary discipline in a person.
Shahin Alex
Great job Rithvik! Way to go! You can also add on how savings is important to life and what are the other investment options
ReplyDeleteHonestly parents should test in real life by giving their child allowances and see how much they save and spend. Some children may do well in the game to win or answer correctly but in real life they might not spend wisely and be tempted to spend on other things such as games, food and other accessories.
ReplyDeleteIt would be nice if you explained more about each point in the banking products section(Ex. Debit card, join account).
Overall nice blog. Do more and you will get better.
Great stuff rithvik .... How about writing your perspective of life in lockdown and the future of schooling ...
ReplyDeletei have already done the life in lockdown aunty i will do about schools
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