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Checking Accounts for Teenagers

By: William Blake

Teens need money. They have more of a social life than they did when they were mere youngsters and that takes funds. Now that they have a job and are making money, parents wonder if they will manage their money well. It may be time for 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.
A checking account sets limits on your teen that are imposed by someone other than you. A checking account is funded by the money that is put into it. Teens will learn that if the well runs dry, they have to wait until the next pay period to get more. That is how parents have to deal with money and now they will learn too.
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.
A checking account is not a headache but an opportunity. Once a week, why not have a meeting to ask and answer questions that they have about money. As their confidence with money increases, so will the responsibility. As a reward, your teen can enjoy more freedom.

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