Our oldest daughter has been doing some housekeeping for a lady we met through a local clothing sale. The woman has rheumatoid arthritis and so help with the housework has been a huge blessing to her. She's good to our daughter and has been good about compensating her. The issue now is that our daughter has built up a small stash of cash. Since we don't want cash just lying around the house, we're faced with what to do with it. She's only thirteen but very responsible. We thought about putting it in a savings account but we want her to be able to use the money when she wants, within reason :-o) We're now looking into checking accounts . Washington Mutual offers free checking and free checks. That's pretty neat since she's just starting out. We've used WaMu for several things in the past and we trust them so I think that's the way we're going to go.
Do you have a similar situation with your young teenager? What was your solution? I think it's very important to teach our children how to manage money at an early age. I believe they will learn to appreciate it more if well instructed. I have to say that I'm new at this. I didn't earn money when I was a teenager and never cared to. I simply went to my mom and asked, repeatedly, for money to do this or that. She would never have dreamed of letting me open an account when I was thirteen. My daughter never asks for money. She is quiet and content with all she has. I believe she'll do well with her very own checking account.
4 comments:
What a great things to do for her. I never had an account as a teen, I kept my babysitting money in a jar in my room. It sounds like you are raising a very smart, responsible child.
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I agree with you about teaching kids on how to manage finance even at early age. I'm really all for that.
Your blessed to have a level-headed and hardworking daughter.
Our 2 oldest children got checking accounts at young ages like that too, and did very good with it all. Over the years hubby has been through several money courses and teaches them at church, Christian financial concepts mostly I think. So our kids had to learn budgets, living on them, how to keep up with checking accts etc. The youngest 2 kids were a little older getting them and I'm not sure we did as good a job with the last one but he might just be a different child too!
Mine have commented several times that they were glad they knew how to balance checkbks, live on a budget etc b/c it has helped them out, and sometimes their friends had no clue as to how to manage money!
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