kids and money

United States
April 25, 2007 10:14am CST
do you think a kid should have a checking account of there own? my kids got back child support from there dad, and i want them to have it but i dont want to just give them a big amount at one time just for them to put it in there pocket to loose. my family says open a checking for them but i think they are kind young they are 12 and 15 what do you think i should do?
1 person likes this
5 responses
@rusty2rusty (6769)
• Defiance, Ohio
28 May 07
I don't think neither needs a checking account. What checks do they need to make out and what bills are they paying? I do however suggest a savings account. A savings account is a great way to teach them about saving money they have earned. You can either make them put all their money in the savings account. Or make them put half of everything they recieve in the savings account. Whether it be birthday money, chore money or whatever. They will learn to save up for something they really want. Instead of impulse buying with a credit card.
1 person likes this
• United States
5 Jun 07
thank you, you have a great ponit , they wont need checks for a while. i guess i never thought of it that way. i will look into the savings accounts around here thanks again.
@mrbranan (1012)
• United States
25 Apr 07
I don't think it is a bad idea. My kids have one and have had one for years.They do have them where you have to sign the check before you can check they can do anything with it that way you can control what the spend but they still have thier money.
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• United States
27 Apr 07
thanks for your comment that is a good idea, i wan to set it up this way, this way i know they wonr be bouncing checks and stuff.
• India
25 Apr 07
When I was studying in school, my father paid me only the bus fare. There was a pocket road to my school through a railway bridge. Eventhogh it was quite dangerous to walk through the bridge, I used to walk on alternate days, since if I walk through the bridge, I can save 1/4 of the money to see a cinema. I used to see the films at least once a week without knowledge of my father by saving this money.
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@tater03 (1765)
• United States
25 Apr 07
I don't think that they are old enough to have a checking account. I may be wrong but I believe that kids can have a savings account set up where they can withdraw money but only with the parents permission at the time of the withdrawel? Not sure on that though.
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@MySpot (2602)
• United States
25 Apr 07
That's a good idea... my oldest sister puts her child support in a savings account for her daughter. I think that a savings account would be better because they usually draw interest.
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