First Student Checking Account

Your children won't learn important money lessons through a bank account on its own. Parents can take the following steps to make sure their children are learning important financial skills before they depart for college or the workforce.

Encourage kids to work for a living. The majority of parents prefer that their children concentrate on their studies, however, teenagers can succeed in school and work in various jobs. Parents can assist kids in concentrating on income-generating activities that work with their schedules. This can entail picking up extra work on the weekends, working after school, or accepting a summer job.

Give teenagers the responsibility of covering fair costs. As children transition into adolescence, they can probably make a few hundred bucks every month. As a result, they have a source of income to sustain their way of life. By making their children responsible for some expenses, parents can teach their children good money management. A young teen, for instance, might be able to afford a $15 monthly cell phone subscription. The slightly older individuals most likely have the financial means to purchase apparel. Teenagers who start driving can afford to work a little bit more and pay for some of their insurance as well as petrol for their automobiles. Giving teenagers financial responsibility will enable them to balance their needs and wants.

Once per month, review your spending. Parents may view their adolescent's spending habits thanks to teen checking accounts. Some of the checking account's built-in capabilities can be used by parents to explain to their teenagers where their money is going. Teenagers might be horrified to see $175 spent at Starbucks, or they might be completely content. Regardless of how much money an adolescent spends, regular check-ins provide parents the chance to find out how they feel about their spending and whether they want to allocate additional funds to longer-term objectives.

Set up automatic transfers to investment or savings accounts. Teenagers can set up automated rules to deposit money into savings or investing accounts once they start earning money regularly. This can assist students in saving money for major expenditures (such as a new phone, car, or college tuition) or long-term investments.