Checking Accounts for Teenagers
The rather demanding social lives that most teenagers lead require money to be kept up. Once teens start earning their own money at a job, many parents are concerned about how to ensure that their money will be well spent. This might be the right time to get them a checking account.
Kids learn their money management skills from watching their parents. The age of thirteen or fourteen may seem like a young age to introduce financial skills like managing a checking account. But before you know it, those teenagers will be away from home and living in a dorm on a college campus. Do you want to trust them to make financial decisions on their own with no guidance?
Of course you don't want that. The solution would be to introduce those much needed skills while they are still within your realm of influence. So as not to overwhelm them, start slowly and introduce a checking account when they are ready.
The money that teenagers earn at summer or after school jobs can be managed by means of a checking account. Before they even start to work, it would be wise for parents to sit their teens down and discuss some important financial details with them, always emphasizing the importance of not spending everything that they earn.
Teenagers can learn to control their spending while also learning to save money by splitting up their income between a checking and savings account. Help them to see the reason why they save money by discussing with them what they would like to spend it on. That way they will have a goal in mind.
When they use a checking account, teenagers learn an important lesson about money; you can only spend as much as you have deposited into your account. This is the way that adults have to live as well. This sets definite limits on their spending.
Using their checking account to make purchases will be easier for teenagers if they can use a debit card. Even though such cards with Visa and Master Card logos function similarly to credit cards, they are limited by the amount of money in the checking account they are attached to. Teenagers can also keep track of their account information with online banking.
Checking accounts for teenagers provide a great way to teach them important financial lessons. Offer to discuss any questions or concerns they have about their money. Teenagers will become responsible when it comes to money as they gain more financial confidence.
Kids learn their money management skills from watching their parents. The age of thirteen or fourteen may seem like a young age to introduce financial skills like managing a checking account. But before you know it, those teenagers will be away from home and living in a dorm on a college campus. Do you want to trust them to make financial decisions on their own with no guidance?
Of course you don't want that. The solution would be to introduce those much needed skills while they are still within your realm of influence. So as not to overwhelm them, start slowly and introduce a checking account when they are ready.
The money that teenagers earn at summer or after school jobs can be managed by means of a checking account. Before they even start to work, it would be wise for parents to sit their teens down and discuss some important financial details with them, always emphasizing the importance of not spending everything that they earn.
Teenagers can learn to control their spending while also learning to save money by splitting up their income between a checking and savings account. Help them to see the reason why they save money by discussing with them what they would like to spend it on. That way they will have a goal in mind.
When they use a checking account, teenagers learn an important lesson about money; you can only spend as much as you have deposited into your account. This is the way that adults have to live as well. This sets definite limits on their spending.
Using their checking account to make purchases will be easier for teenagers if they can use a debit card. Even though such cards with Visa and Master Card logos function similarly to credit cards, they are limited by the amount of money in the checking account they are attached to. Teenagers can also keep track of their account information with online banking.
Checking accounts for teenagers provide a great way to teach them important financial lessons. Offer to discuss any questions or concerns they have about their money. Teenagers will become responsible when it comes to money as they gain more financial confidence.
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