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IF YOUR 15 YO GOT A JOB WOULD YOU MAKE THEM OPEN A BANK ACCOUNT

HOW MUCH WOULD YOU MAKE THEM DEPOSIT IF THEY GOT PAID EVERY WEEK

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Anonymous

Asked by Anonymous at 3:01 AM on Dec. 20, 2010 in Teens (13-17)

Answers (16)
  • Its there money, you can advise them to open a bank account & explain the pro & cons but if you just flat out tell them what there going to do they would most likely rebel & do what they want despite what you want.
    Marie_07

    Answer by Marie_07 at 3:02 AM on Dec. 20, 2010

  • Both of my DS's, 11 and 2, already have savings accounts. As for how much to deposit, I would think 1/3 would be fair.
    dmbutler

    Answer by dmbutler at 3:03 AM on Dec. 20, 2010

  • yes opening an account teaches them how to be responsible with money which is always a good thing. 1/3 sounds reasonable to deposit.
    maya123

    Answer by maya123 at 3:37 AM on Dec. 20, 2010

  • Yes. I'd say a good rule of thumb is to have him save 10%. It may not seem like much each deposit, but it adds up in the end. It should work well for a teenager to save what seems like a little money but really, it's teaching him to start saving while he's young.
    Averylee85

    Answer by Averylee85 at 3:52 AM on Dec. 20, 2010

  • Our kids had to save half of what they earned. We made it clear that getting a job was to help with college costs not just for spending money. They were fine with it and felt like millionaires.
    elizabr

    Answer by elizabr at 7:33 AM on Dec. 20, 2010

  • When my daughters got their first jobs at about age 15, I went with them to the bank to open accounts so they could sign up for direct deposit of their paychecks. That means their entire checks are automatically deposited and they're responsible for taking care of their accounts.
    ceallaigh

    Answer by ceallaigh at 9:41 AM on Dec. 20, 2010

  • its a good training mechanism for adulthood. They'll need to know how it all works, anyways.
    Mandz1

    Answer by Mandz1 at 9:45 AM on Dec. 20, 2010

  • I would suggest they open a bank account but I wouldn't make them deposit any amout in the bank. They are working, its their money and I'm not going to tell anyone what to do with their money.
    onemellowmom

    Answer by onemellowmom at 9:49 AM on Dec. 20, 2010

  • Yes. It's a great way to teach them responsibility with money. I agree that thirds is the way to go. 1/3 to savings, 1/3 to spend and 1/3 to tithing (or investing if tithing isn't your thing)
    admckenzie

    Answer by admckenzie at 9:52 AM on Dec. 20, 2010

  • a checking account and savings account. Split between the two accounts with 10% automatically going into the savings account and anything left over from one pay period to the other transferring into savings.
    twinsplus2more

    Answer by twinsplus2more at 10:49 AM on Dec. 20, 2010

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