- Todlr's 2Cents
- Why can't you go to the ATM and get more?
Why can't you go to the ATM and get more?
Teaching Your Child the Value of Earning and Saving Money
Kids may not understand the concept of money being finite, especially if they've only seen you use plastic cards or make transactions online. When they see an ATM, they may assume that it's a magical machine that can provide unlimited amounts of cash.
They may ask you questions that seem simple or straightforward, but can be difficult to answer in a way that they can understand. One common question that children ask is, "Why can't you go to the ATM and get more?" Depending on your child’s age, you may want to try either of these two responses, or a mix of both.
The ATM is like a vending machine for money. But, unlike a vending machine that always has snacks, the ATM only gives us money that we've put into our bank account. So, we can only take out as much money as we've earned and saved. We can't just get more whenever we want
When you deposit money into your bank account, you can use an ATM to withdraw some of that money. But you can only withdraw the amount of money that you have in your account. If you spend all your money, there won't be any left to withdraw. That's why it's important to budget and spend your money wisely.
A place for your child to get answers to all their money questions
It's important to be patient and understanding when answering your child's questions about money. Keep your answers simple and age-appropriate, so they can understand the concept of money and how it works. By having open and honest conversations about money, you can help your child develop healthy financial habits that will benefit them for a lifetime.
If you have any other questions or concerns about teaching your child about money, feel free to reach out to us. If you found this newsletter helpful, share it with other parents.