Right now, where do you keep your money? Is it hidden in the bottom drawer of your dresser? Is it stuffed inside a purse or wallet? Or is it scattered throughout your room? Wherever it is now, learning where to keep your money is a good way to start managing it. Putting some of your money in the bank can be a really great idea. A bank keeps your money in a safe place, and it makes it very easy for you to keep track of how much you have. If you don't have a bank account yet, check out the information below to learn more about choosing a bank that's right for you.
- Ask your parents about their bank. Most likely, your parents already have a relationship with a bank. Ask them if their bank would be a good place to open an account for you. See if your parents can talk to the bank to learn about savings accounts for kids your age.
- Do some research with your parents. At your age, when you put money in the bank, it'll most likely be in a savings account. A savings account allows you to earn interest on your money (the bank gives you money to keep your money with them). You and your parents should see what banks offer in terms of interest rates, minimum balances and the number of withdrawals you can make.
- Think about location and hours. If you want to be able to easily make deposits and withdrawals, you'll want to choose a bank that is open during times that work for you and your parents and that isn't too far away from your home.
- Talk to your parents about banking. Your parents have a lot of experience with banking that you don't have yet. Choosing a bank is a great start to understanding and managing your money, but there's a lot more to it. Talk to them about ways you can earn extra money to put in the bank, good ideas for when to visit the bank and how you can keep track of what's in your account and what you spend.
As a military kid, you might move at some point, so you will have to close your bank account where you live now and open a bank account in your new neighborhood. Don't worry; it won't be a problem. Just have your parents call your bank and ask about how to close or move your account to a new location.
For more information and resources to help military youth and teens navigate everything from the unique challenges of a mobile military life to managing their social lives, saving money, and going green, visit Military Youth on the Move!