My Old Bike – Checking Account

Checking Account

Dad teaches Frankie how to manage his money and keep it safe.

Understanding and handling money is a vital life skill, too bad they don't focus on these basics in school!

 

Moral of the Story

Understanding the basics of money and banking are vital!

Talking Points

  1. Have you sold anything at a garage sale or yard sale?
  2. The Pied Piper of Hamelin is a famous German tale by Rattenfänger von Hameln.
  3. Frankie's father used the word safe to make a "play on words."
    What are the two meanings of the word "safe" to which he was referring?
  4. Discuss the difference between a checking and savings account.
    Checking accounts are intended to have a large number of transactions and generally do not generate interest.
    Savings accounts generate interest and typically have more deposits than withdrawals.
  5. Should Frankie open a checking or savings account?

Vocabulary

All definitions may be found at Google.com:

  1. Adjoining
    Next to or joined with (of a building, room, or piece of land).
  2. Tapered
    Diminish or reduce or cause to diminish or reduce in thickness toward one end.
  3. Concentration
    The action or power of focusing one's attention or mental effort.
  4. Arrange
    Put (things) in a neat, attractive, or required order.
  5. Balance
    A figure representing the difference between credits and debits in an account; the amount of money held in an account.
  6. Deposit
    A sum of money placed or kept in a bank account, usually to gain interest.
  7. Withdrawal
    An act of taking money out of an account.
  8. IOU
    A signed document acknowledging a debt.

Personal Note

My first lessons about money came when I turned twelve years old. That very first month I took a paper route for which I had to collect money from patrons every week. Thursday evening I would sit down with my boss and pay him for the papers that I had delivered the week prior. Everything else left over was mine and that wasn't much. That's when I learned about tips and customer service, but that's a whole other story for another time. My stepfather taught me about savings accounts and helped me open mine at the bank up the street.

When I got my driver's license I got a crash course in personal finance. Everything I had learned up to that point was helpful, but it was only a fraction of what I had to know when it came to owning and paying for a car. Talk about another story for another time! Check out my short stories titled Book of Aeron where I touch on issues of late teens and young adults.

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