Teaching Teens To Be Good With Money
As your kids age, you see to it that they learn to read and how to do math. You teach them good manners and how to get along with other kids. But are you teaching them how to manage money? Knowing how to manage the money you have is an important part of adulthood and it’s a skill that teenagers need to master so they will be ready for whatever the real world throws their way.
Ideally, your young kids will start with a piggy bank and a VCNB Passbook Savings account so they grow accustomed to the idea of saving for the future. The future could be a toy they want or it could be for something big like a car when they’re all grown up. This idea that it’s ok to spend now but important to save some for later is a good lesson for every age.
When they are teenagers, it’s time to help them open a checking account. This will teach them how to spend and save what they have and how not to overdraft their account. They will learn how to responsibly use a debit card and how to do basic banking tasks.
At VCNB, we offer a Student Checking Account for teens ages 14-17. This account comes with a standard debit card and electronic statements. While there is a $50 minimum deposit to open the account, there are no minimum balance requirements after that. If they have a part time job, employers can direct deposit their check to this account.
A parent or guardian must be a joint owner of the account so you have some insight into your teenager’s spending habits. There are also some tools for helping them learn good money habits:
Account Alerts – Staying informed about the status of this account is easy. Receive text and email account alerts for a variety of reasons including whenever the card is used and if the balance drops below a certain minimum.
VCNB Mobile/Online Banking – Logging into this account is easy and can be done from a computer or mobile device. Stay connected with the balance and transactions on the go and even set spending or usage limits on the debit card via the mobile app. If your teen misplaces their card, it can be turned off in the mobile app so no one else can use it.
Experienced Bankers – We have experienced bankers who are happy to talk to your teen about how their account works, how to use the mobile app and other banking topics that will make managing their account a breeze.
When young people are taught to manage small amounts of money like an allowance or babysitting money, we find they are better equipped to manage paychecks when they are young adults. Giving them a student checking account is little like training wheels for money. Get complete details about a VCNB Student Checking My Way Account here.