Learning About Money
It’s never too early to start talking about money. Whether your child is opening their first bank account or saving for a car, Libro is here to grow with you, every step of the way.
Introducing Money (Ages 4 to 8)
For young children, it’s a good time to introduce the concept of money, why it is important and how you earn it. At this age, children may have seen you use money when paying at a store or have been given money for a gift. These are great opportunities to discuss the concept of money and be open to questions.
At Libro, we have fun and useful resources for young children to learn about the concept of money. Take a look:
Money Basics (Ages 9 to 13)
Older kids and tweens may have started to earn their own money through an allowance, a small business, or gifts. They may have even made independent purchases and saved up for something new.
This is a good time to open up your child’s first savings account at Libro. Our friendly Coaches will sit down with you and your child to discuss how depositing money at Libro will keep their money safe and allow it to grow. We can even provide your child with their own debit card and teach them how to use it wisely.
At Libro, we have fun and useful resources for tweens to learn about earning and saving money. Take a look:
Budgeting & Saving (Ages 14 to 18)
Teens may have their own bank account, use a debit card, and earn money through a part-time job. This is a great opportunity to discuss saving for the future and becoming financially independent.
Guide your teen through a budgeting exercise using their own expenses, such as buying or paying their cell phone bill, or using your household expenses as an example.
Older teens preparing for post-secondary education should also be aware of the cost of tuition and living expenses for their next stage in life.
At Libro, we have useful resources for teens to learn about budgeting and saving for the future. Take a look:
Youth Account Options
Go Free Chequing
Chequing account for those aged 25 and under.
Monthly Fee: $0
5 free surcharge-free Interac ATM withdrawals*
2 free Request Money transactions per month
Free unlimited Interac e-Transfers
Savings account for those aged 25 and under.
Monthly Fee: $0
(Registered Education Savings Plan)
Help your kids reach their dreams by investing in their future today! Start a new automatic contribution to a Registered Education Savings Plan (RESP) and Libro will make the first deposit (up to $50).
Money grows, tax-sheltered
Government grants, learning bonds and more can increase your savings significantly