ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -There isn’t really an exact age. For some parents, it means opening an account for their child as early as 14 years old, and for others, it might be when they’re a teenager or a little older. Get in touch with your bank or credit union to see what checking account options they offer for people under the age of 18.

Detailed explanation-2: -You’ll need basic information like your home address, email address and phone number, as well as identification documents such as a driver’s license, Social Security Number, and a minimum opening deposit amount. Most checking accounts come with checks, some don’t-choose which you’ll need.

Detailed explanation-3: -Knowing ways to avoid each pitfall can help you stick to a budget. One main reason people abandon budgets is simply because it’s difficult and can feel overwhelming. According to the Consumer Financial Protection Bureau, half of American consumers say they don’t even like to think about money.

Detailed explanation-4: -Balance your checkbook by monitoring transactions, checking monthly statements and reconciling expenditures. Doing so provides a variety of benefits. You can spot bank or payment mistakes faster, reduce the risk of financial theft, limit overdraft fees and recognize spending patterns that may enable you to spend less.