Teaching Kids About Money
Like many parents, you may have opened a savings account for your child when he or she was a baby. If you’ve been teaching them money management skills and they have shown financial responsibility, then, when they become teenagers, a debit card/checking account from Community Service Credit Union can be a great next step.
As kids hit middle-school age, they start spending more time with friends. That means you’re not always around when they buy treats or movie tickets. Those early-teen years can be good opportunities for them to use a debit card and practice financial responsibility.
Though most teens, like most people, no longer write many checks, when the opportunity arises for your teen to write one, jump on it. For example, perhaps your teen pays part of the cell phone bill each month. Have your teen write a check to you for his or her part of the payment. It would be easier just to transfer money from your teen’s account to yours but getting practice writing a check once in a while can be beneficial for them.
Explain to your teen the importance of keeping track of the balance in their account either by writing each transaction in a check register or by frequently checking their account online. Also remind your kid that online balances might not show the actual balance in the account if transactions haven’t posted or if checks haven’t been cashed.
The professionals at Community Service Credit Union are eager to help your teen or pre-teen (ages 9-17) take this next step financially. Stop by with your teen and we’ll show them how to open an account of their own, as well as explain how to use a debit card and our online and mobile banking service. Accounts for members under the age of 18 require a responsible party age 21 or older to sign on their account. Learn More