We all know that money doesn't grow on trees, but we all need it to survive. The use of cash will only go so far in life, as you can't send it through the mail. Checking accounts are relied upon to manage our finances and to send in payments for cable, phone, mortgages, etc. Even in this new era of ecommerce, it is still necessary to have the resources that a checking account provides.
When is the right time for kids to get their own checking accounts? There is a lot of debate among parents and bankers on this idea. Bankers will open a checking account for anyone who they feel is fit to have one. Parents have two sides to the story. Some parents think their kids should have one as soon as they can because it teaches them valuable lessons. Other parents believe their children don't need checks at young ages.
There are some good questions to ask yourself in order to find out if the time is right for checking responsibilities:
Checking accounts and kids really revolve around common sense. You should know if your child is capable of handling the responsibilities of writing checks. What really helps the arrangement is parental participation. Parents should be able to help their kids with any questions they will have and teach them how to balance and reconcile.
Benefits of Child Checking
While there may be some reservations about opening a checking account for a minor, there are some benefits. The child will be able to start managing money, and learn the ways of personal finances. They won't have to carry around cash with them all the time. An ATM card with access to the account is really the only thing they have to carry around.
The tracking abilities are probably the most welcomed aspect of checking. Banking online has changed drastically in the last few years. If you take advantage of all the possibilities, it is rare that you actually have to write a check. It is also amazing to track where the money goes. Expenditure tracking is good for adults and kids. It is a way to eliminate unnecessary spending.
A relationship with a financial institution starts your children interested in the whole process. Banks offer many other services than checking. They offer bonds and certificates of deposit, loans for cars and homes, and they also offer business financing.
Through anyone's life, they rely on the bank for many services. Banks are usually a low margin lender, giving customers more buying power. checking account for a minor at a young age leads to the importance of financial stability, clean credit, and flexibility.
Only you know when your children are ready for their first checking account. Take time to make the decision. Sit down with your kids and talk to them about finances to open up the dialogue.
Robb Ksiazek researches and writes checking account for a minor. His writings discuss topics based on the home and small business office and how to get the most out of your resources.
shuttle from Midway Glen Ellyn ..Millions of people give a lot of thought to financial... Read More
During the last twenty years, banks have offered a number... Read More
Super-mumsIt seems that the proof of maternal efforts is no... Read More
Sorting out your personal finances can be a tricky and... Read More
For me, the most terrible time of each month is... Read More
Chapter 7The potential chapter 7 debtor should understand that a... Read More
Recent security breaches at several credit card companies continue to... Read More
It is estimated that we, as consumers, waste an average... Read More
Saving may seem easier if you were saving for a... Read More
The judge had to ask the question, and we had... Read More
Are you interested in saving money off your grocery bills?... Read More
Christians are called to be good stewards of God's resources.... Read More
Whatever your reason for having a tight budget, the truth... Read More
The gas that we fill our tanks with every week... Read More
Ever wonder where address labels come from? Avery? is perhaps... Read More
I've been going through and interesting growth period lately that... Read More
The British government at the beginning of this year officially... Read More
What is finance and what do you need to know?... Read More
Identity theft is a serious crime that continues to grow.... Read More
The lists of bank and savings accounts that are available... Read More
1. Lighting & Light Bulbs Install low energy light... Read More
Many people spend their little income haphazardly without any planning... Read More
1. If you have your haircut every 3 weeks, try... Read More
If you recently became a single parent and see your... Read More
With the A-level results coming out, the long wait for... Read More
shuttle from O'Hare North Chicago ..With prices increasing all the time, saving money can be... Read More
One of the biggest challenges facing black RELATIONSHIPS today are... Read More
ID theft is a major consumer concern, though there is... Read More
Investing is a subject a lot of people don't want... Read More
With the advent of the internet and especially auction services... Read More
Our global society has had a wake up call in... Read More
Shopping for groceries is an inevitable fact of our ever... Read More
Commonly referred to as the first of the three major... Read More
It is widely written that you need 75% of your... Read More
Now there are ways to save money in the grocery... Read More
For me, the most terrible time of each month is... Read More
Frugal living is more than a lifestyle. It's a passion.... Read More
Those who keep a watchful eye on where their money... Read More
Has anyone been to the gas pumps lately? Soon $3... Read More
If you, like most people, have not seriously considered what... Read More
With interest rates being at an all-time low, I can... Read More
Have you ever stopped to think about how your "mood"... Read More
Your food budget is the most flexible area of your... Read More
Things are so expensive these days. We seem to be... Read More
If you're like most people, your personal financial records are... Read More
An avid cyclist and bike racing fan, I sit transfixed... Read More
We all know that money doesn't grow on trees, but... Read More
In this age of information, keeping track of your finances... Read More
When people speak about the increasing age expectancies, they generally... Read More
Can you really afford a house? If so, how much... Read More
Personal Finance |