Category Archives: Kids & Money

Is Your Teen Ready for a Checking Account?

Should your kid get a debit card? Factors to consider about teens & checking accountsSome parents may not consider allowing their young teen to get a checking account at all, but there are valid reasons why it can be good for them to have one.

A checking account can give them a chance to responsibly shine with money and teach them how to:

  • use debit cards
  • monitor and plan ahead for automatic payments
  • use an ATM card
  • write checks (should they ever need to do that)

They can learn while they are still under your direct supervision (as opposed to when they go off to college and aren’t!) » Read more

I Spent It All…

Teen spending vs. realityI got my first job when I was 14. And like many teens with their first job, I happily cashed my check and bought whatever I felt like with the money. To me it was all “spending money”, so why not?

Now it’s not terrible that I spent it all (although I do really wish I’d saved at least 10-20% of it instead), but I wonder if those years of spending freely as a teen impacted the way I looked at my paycheck later on.

After all, I didn’t have my first real regular expense until after I graduated from high school. » Read more

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