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How do I talk to my kid about managing money?

I had a previous post but I couldn't edit it. My kid overruns the debit card but bouncing checks is what I think about in my head and I can't afford it anymore. He has an account under my account. I think he can get his own account at 16 at other banks if i take him. (my credit union won't let you get an account under 18) Do you have a suggestion on which bank I should take him to? Does anyone know of a good youth or student account?

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momwteens1417

Asked by momwteens1417 at 1:49 PM on Mar. 4, 2009 in Teens (13-17)

Level 1 (0 Credits)
Answers (5)
  • Personally I wouldnt get a teen their own bank account... Its better for kids to see $$$$$ Dollar Bills $$$ ... It makes them more aware of what they are spending.. When putting something towards a credit card or debit card its just a number & teens arent good at keeping up with numbers yet so he may forget about buying XYZ earlier that day & go ahead & buy ABC thus bouncing a check...
    MommaTasha1003

    Answer by MommaTasha1003 at 2:11 PM on Mar. 4, 2009

  • go to www.giveme20.com it has all sorts of financial resources for teenagers.
    Anonymous

    Answer by Anonymous at 10:48 PM on Mar. 4, 2009

  • I agree , I wouldn't get a kid a checking accnt. Unless it was one at home where they can't overdraft.

    Check these out:

    http://www.daveramsey.com/hope/generationchange/

    http://www.daveramsey.com/school/

    If you don't want to spend money on this just try and put your son on the "envelope" system. When he earns money at his job or does chores you can cash his checks and put his cash and divide it into three envelopes: 1 for giving 1 for saving and 1 for spending. Have him decide what the percentages will be with you ahead of time.

    Operating on a cash budget will save your kid from a lifetime of debt and struggles.
    Praying

    Answer by Praying at 1:34 AM on Mar. 5, 2009

  • good advice from praying....

    though having a SAVINGS account is important... it gives a safe place to stash funds so they aren't readily spent. thats what i did starting when i was about 12. that way i could UNLY spend cash, if i wanted it, i would have to go to the bank and make a withdrawl. worked quite well...
    to this day i avoid using my debit card, though i keep one around for online purchases and e-bills... if you don't have cash in hand, you can not spend. i don't believe in credit. it allows you to live outside of your means, and unfortuinately a lot of people trreat a debit card like a credit card....

    good luck, thats all i have to say!!!
    ObbyDobbie

    Answer by ObbyDobbie at 8:50 AM on Mar. 5, 2009

  • Try Halifax
    Amber-Leigh

    Answer by Amber-Leigh at 2:44 PM on Mar. 8, 2009

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