As we become more and more removed from the physical part of money, the concept of balancing a checkbook by hand seems an unnecessary skill. Kids, and parents, can monitor their checking account balance online now. Still, financial experts attest the value of bygone ways.
“Even though many of us no longer manage our finances with old-fashioned hard-copy checks, it’s still important that we learn the concept of balancing a checkbook,” says Carrie Schwab-Pomerantz, president of the Charles Schwab Foundation, a San Francisco, Calif. based nonprofit with a mission to improve financial education. “Kids need to understand that they can’t [withdraw] more than they’ve put in, and need to have a system that will help them keep track.”
