Setting up Bank Accounts for the Children #101in1001 #25

This was much harder than I thought 😀

Sounds a crazy thing to put on my 101in1001 list but the challenge is MORE than that – the challenge is to make my teenage children money aware.

I am not talking about saving accounts, they have had these since they were born. Now they are all teenagers  I wanted my children to have current accounts of their own so that they could manage their own pocket / birthday money.

I hoped that this would teach them how to budget, how to save for something they want and to put their birthday money away before it burns a hole in ther pockets.

It is also fairer, if we transfer the same amount of money to each, they don’t miss out – they would each have an opportunity to spend their money on weekly treats, or save for something special and it would be THEIR choice.

So why was it difficult? My kids are sassy! They KNOW that if I transfer a small allowance into their accounts each month and say everything they ‘want’ needs to come out of that then their upturned palm will have less of an impact.

But it is done, and early days yet – but it is going OK 😀

Tick!

 

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One comment on “Setting up Bank Accounts for the Children #101in1001 #25

  1. Pingback: #101in1001 Update – 40% done | sammioneill

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