Toot Toot received a letter addressed to her yesterday - the first bank statement all of her own.
Toot Toot "what are debits?" - I explained that is where any money you have borrowed is shown on your bank statement.
TootToot thinks for a moment and replies "I'm the best saver in the family then because I have no debits and I don't pay interest." and marches off to share this fact with GuitarMan.
TootToot and I have talked before about how the bank will pay you interest to 'rent' your money while it's in the account. She loves the idea of making money without doing extra chores so is happy to leave her money there.
TootToot has been accessing Coinland https://coinland.com.au/ as well as her chats with me. It's a great site that teaches kids about money and saving and you don't have to be a bank customer to access it.
I wasn't sure TootToot understood that if you borrow money, such as when you buy a house then you have to pay interest until you pay it back.
Seems my TootToot understands all too well... I wonder what else she can teach me
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