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How do I pay out my child when they need to make a withdrawal?
Since KidsSave is a virtual savings program, any money recorded in your
child's Account as deposits, interest, matching, or allowance exists as virtual
money.
There are a variety of ways to handle their Account money. Several
examples are listed below, however, you may find another strategy works best for
your situation.
- Set up an account for your child at a bank. Deposit their cash
into this account and record the transactions in KidsSave. If your
child's KidsSave account has the
interest, matching, and/or allowance options activated, keep in mind that
your child may actually accumulate
more money than what their real bank statement will indicate. See
How do I reconcile my child's KidsSave™
Account with his/her real bank savings account? for suggestions on how
to reconcile both accounts. When your child needs cash, simply give it
to him and have him record it as a withdrawal from his KidsSave Account.
When you reconcile the Account, you will get back the money you gave.
- Deposit your child's money into your personal account knowing that when
money is withdrawn from their KidsSave Account, it will actually come from
your personal account.
- Keep your child's cash in a specific place such as a piggy bank, adding
to it when they make deposits into their KidsSave Account. Again, if
your child's KidsSave Account has the interest, matching, and/or allowance
options activated, your child will actually accumulate more money in their
Account than what
is in their piggy bank. Periodically you will need to reconcile the
two by making sure the automatic interest, matching, and/or allowance is
added to the piggy bank.
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