Opening an online account for children is an efficient way to teach money-management and saving skills, Ann Carrns writes. Opening a "sub account" under a parent's bank account allows parents to transfer money into a child's account easily and sets the stage for regular conversations about the balance. "We can discuss goals they want to save for, whether for a personal item or a charitable donation. And before any cash withdrawals are made, we can discuss what it's going to be used for, and whether it's a good use of their funds," Carrns writes.
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