ELI5: Explain Like I'm 5

Bank statement

Okay kiddo, so imagine you have a piggy bank where you save all your money. Just like that, a bank is a place where people keep their money.

Now, when you put money in your piggy bank, you know how much you have by counting it. Similarly, when you keep money in a bank, the bank gives you something called a statement which tells you how much money you have in your account.

This statement shows you all the money you put into the bank and all the money you take out from it. It also has information about how much money was added or taken away from your account, like if you got paid by your parents or if you spent your money on a toy.

Basically, a bank statement is like a report card for your money. It tells you how much you have and what you did with it. This way, you can check if your money is safe and if you are saving or spending it wisely.
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