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As a parent you realize you have many responsibilities when raising your children. You want to make sure that they grow up to be responsible, thoughtful adults. One of the most important aspects of life that parents can teach there children are good financial management skills, as well as money management.
You may have a teenager and you are wondering if you should help him or her open a checking account to help them understand finances.
Here are a few things to consider.
Does your teen have a job? If so, it may be a good time to open a bank account, whether it’s a checking or savings account. This will help them understand how important it is to save a part of their paychecks. Learning to save a percentage of their income will translate into management skills they can use in adulthood.
Does your teen pay bills? Sometimes teens have bills such as car payments or cell phone bills. While a good number of parents do pay for these expenses, it can’t hurt to let your child shoulder the responsibility.
Choosing A Checking Account
Banks differ as to the type of checking or saving accounts they offer. You should do a bit of research so that your child will open an account that will provide all the services they need. You may need to find a bank that will allow a person under the age of 18 to open an account. Also, make sure that your teen understands any associated service or other fees.