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 management 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 valuable information for Checks-4U.com. His writings discuss topics based on the home and small business office and how to get the most out of your resources.
With interest rates being at an all-time low, I can... Read More
Budgeting. It's a word we're all familiar with. Everyone knows... Read More
This investment retirement account (IRA) is useful to you as... Read More
Despite how easy it is to balance a checkbook, very... Read More
Saving money is not easy and is made more difficult... Read More
With the A-level results coming out, the long wait for... Read More
I have to admit, I do it too. I complain.... Read More
Many don't realize that our basic utility bills provide the... Read More
The recommendations for military base closings have been released and... Read More
The cries are heard from the distance, "I need help... Read More
Sticking to a budget can be difficult, but with so... Read More
I've been going through and interesting growth period lately that... Read More
We all know that money doesn't grow on trees, but... Read More
Reducing the clothing budget was a serious challenge for me.... Read More
If you were to ask 100 women "What would you... Read More
Whatever your reason for having a tight budget, the truth... Read More
Women are charged more for dry cleaning services. Don't fume,... Read More
Address labels are many things to many different people. If... Read More
When people speak about the increasing age expectancies, they generally... Read More
**If it's Spam, it's a Scam!- If it sounds too... Read More
Financial freedom cannot be achieved without budgeting. Budgeting involves tracking... Read More
Just about everyone has a checking account. Checks present easy... Read More
Many people spend their little income haphazardly without any planning... Read More
There have been an estimated 9.9 million victims on America... Read More
Has anyone been to the gas pumps lately? Soon $3... Read More
Our global society has had a wake up call in... Read More
Do you struggle from week to week trying to make... Read More
Have you ever thought about what you are going to... Read More
It is possible to eat a healthy, balanced diet without... Read More
Recent security breaches at several credit card companies continue to... Read More
Millions of people have a checking account and many people... Read More
Future financial success is not a guarantee that any one... Read More
You've decided you want a bigger, better and more desirable... Read More
Our global society has had a wake up call in... Read More
You no longer look at the pictures of homes cause... Read More
Millions of people have a checking account and many people... Read More
Finding a stable and secure income that will come year... Read More
Does it feel like you have to be Sherlock Holmes... Read More
Super-mumsIt seems that the proof of maternal efforts is no... Read More
The lists of bank and savings accounts that are available... Read More
Are your financial muscles well toned and healthy or flabby... Read More
ID theft is a major consumer concern, though there is... Read More
Reducing the clothing budget was a serious challenge for me.... Read More
You've analyzed your past expenses, put them into spreadsheets, loaded... Read More
The first step to financial success lies in knowing your... Read More
Traditional checks probably won't disappear anytime soon, but processing checks... Read More
If you recently became a single parent and see your... Read More
Things are so expensive these days. We seem to be... Read More
What is finance and what do you need to know?... Read More
Ever wonder where address labels come from? AveryŽ is perhaps... Read More
Recent findings from the Educational Policy Institute indicated that the... 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
If you want money you need to learn how to... Read More
The cries are heard from the distance, "I need help... Read More
If you've been to a shopping mall lately, you've probably... Read More
Many people spend their little income haphazardly without any planning... Read More
We have heard a lot about consumers' personal information getting... Read More
Creating a budget can be a very difficult task. Although... Read More
With almost two thirds of university entrants from England and... Read More
With the A-level results coming out, the long wait for... Read More
Can you really afford a house? If so, how much... Read More
Car donations and used car donations are the way many... Read More
Your food budget is the most flexible area of your... Read More
Sticking to a budget can be difficult, but with so... Read More
Identity theft is a serious crime that continues to grow.... Read More
Personal Finance |