Do your kids have savings accounts? When did you start them?
Yes and checking accounts... they started them when they were 11 and 15. The 11 yo wanted one since she had a problem with misplacing and sticky fingers in her money. The 15 yo only wanted one after he saw his sister with her own debt card.
I like it because the kids are learning about keeping track of their own money, the difference between savings and checking, experience with overdraft fees and they are building 'years' with the bank which will help their credit score once they are 18. It is super convenient when they get gift money or do extra choirs I am able to transfer the money earned right to their account from my computer. Also, sometimes they do trips or outings with friends/ family instead of handing them cash I can give them a little cash and put the rest in their account.
Yes! All of my kids have one. Started them when thye were born. WOuld like to be able to put more in there, but I have started it, so thats a step in the right direction :)
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