How Much Money Are We Supposed To Put In The Bank?
Answer: You don’t have to put any money in the bank. The Bible doesn’t tell us that people have to put their money in banks.
But putting money in the bank is a good idea.
When you put money in the bank, you are saving it for later. You should decide first what it is you want to save for.
Maybe you want to save up for a special toy, a campout with the youth group, or college.
Once you know what you’re saving for, you can figure out how much money you need to put in the bank each week or each month so you will have enough for what you want when the time comes.
Key verses: “You wicked servant!” the king roared. “Hard, am I? If you knew so much about me and how tough I am, why didn’t you deposit the money in the bank so I could at least get some interest on it?” (Luke 19:22-23)
Related Verse: Proverbs 21:20
Related questions: Why should we save money? If you have only five dollars in the bank, will the bankers kick you out? How do you make sure you have enough money in the bank to cover a check?
Note to parents: Take this sort of question as an
opportunity to talk about budgeting. Children should have savings goals and work toward them, even if the goals are small.
Help your child identify these goals, write them down, and save up little by little.
This will illustrate the wisdom of saving money, the reasons for saving, and the power of choice.
Why Do We Have To Put Money In The Bank When We Have Our Own Piggy Banks?
Answer: A bank lets you do a lot more with your money than just store it.
If someone has money in the bank, he or she can write checks, get small amounts of money out as it is needed, and pay bills from the money in the bank.
A bank has other benefits too. It pays you a little bit for keeping your money, it keeps the money safe, and it can hold as much as you’ll ever get.
It’s fun to put money in a piggy bank. But sooner or later you’ll want to have a bank account.
Key verse: Guard these treasures well until you present them, without an ounce lost, to the leading priests, the Levites, and the leaders of Israel at the storerooms of the Lord’s Temple in Jerusalem. (Ezra 8:29)
Related verses: Matthew 6:19-20; Luke 19:23
Related questions: Why is it so good to put money in the bank? Why don’t people keep their money in a piggy bank?
Note to parents: A young child has no idea how much money passes through an adult’s checking account, so a child might think,
If I can keep my money in a piggy bank, why can’t you?
Explain to your children that you have to keep track of much more money than they do.
You might even want to show your children your monthly budget and your plan to meet all your commitments.
You can also point out the bank systems that help you do this.
What Does The Bank Do With Everyone’s Money?
Answer: They put some of it in a vault and loan a lot of it to others. They don’t need to keep everyone’s money in a separate place.
And they don’t even need to keep all of it in the vault. They just need to have enough to give to anyone who comes to get some of his or her money out.
The bank keeps track of everybody’s money through its computer system.
A bank is a business that makes money by loaning money to others. Here’s how it works.
A lot of people put money in the bank. Then the bank loans some of the money to other people.
For example, most people who want to buy a house borrow money from a bank.
The people who borrow the money pay it back plus a little more.
The extra that they pay is called interest. The more loans the bank makes, the more people pay interest, and the more money the bank makes.
Key verses: The master replied, “You wicked and lazy servant! You think I’m a hard man, do you, harvesting crops I didn’t plant and gathering crops I didn’t cultivate?
Well, you should at least have put my money into the bank so I could have some interest.” (Matthew 25:26-27)
Related questions: How do bankers organize your money? How do banks keep everybody’s money at the same time?