Pre/Teen Finances: Accounts, Cards, Etc? - Mothering Forums

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#1 of 3 Old 07-28-2006, 07:22 PM - Thread Starter
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What do some of you do for helping your kids manage money? By that I mean what sort of savings/checking accounts, etc? I was looking at the Visa Buxx card and wondering if anyone liked it. : It seems a little better than those awful Simon giftcards. Honestly the kids I knew who had credit cards, bank accounts, etc in high school ended up doing much better financially, on the whole, than those of us who didn't have such an education while it was still safe.
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#2 of 3 Old 07-28-2006, 07:33 PM
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I had a checking and savings accounts in high school, for the money I earned from working as well as the money my grandmother would give me as little gifts when I was at boarding school (long story ...) So I got the accounts at 16. My grandmother, who I lived with at the time, took me to open them, and it was a little celebration for us, part of my entry into adulthood. I took a lot of pride into being able to write a little check for our groceries and such when I could.

My plan for my kid(s) is to see how they are in terms of maturity, but I hope to have them managing their own personal expenses by the time the graduate, at least in a limited way.
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#3 of 3 Old 07-29-2006, 12:54 PM
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We set our girls up with their own savings accts last year, they are almost 10 & 11. They had been saving x-mas and birthday money for quite some time and were often not keeping track of checks. They each have their own bankbook and fill out deposit/ withdrawl slips themselves. When they reach the age they start asking for CC's I will have them get a debit for their own acct - if you don't have the money you don't need to spend it.

I've never heard of visa buxx or simon gc's. None of the kids around their age at school have ever talked about them. Because they certainly would've mentioned it.
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