Student checking acct. for a 13 year old?

[Sailorwife]

All 3 of my kids have savings and checking accounts for about a year. They are 17, 15, and 12. There allowances are automatically deposited on the 1st of every month. They are required to tithe 10% and put 10% in savings. My 15 year old has had one overdraft fee but learned his lesson after that! It took his whole allowance to cover everything and he was without money until the end of the month. It was a great lesson for him. I would rather he learn it now than later.

We use USAA and their accounts are linked to ours. We can see their balances every time we go online. My husband also has them show him their registers every month to make sure they are doing okay. My 12 year old does the best of all of them!

As far as IDs go, they all have military IDs but I don't let them carry them because to replace them is a pain. The 17 year old has his license and the younger two have their student IDs from school. They have had to show them but have never had a problem.

I think it is so important for them to learn about managing money at an early age! I wish I had!!

 

[horseshowmom]

My daughter got her first checking account when she was about 13. She had started selling on ebay to help fund her horseshow habit and needed a checking account to attach to a Paypal account. She never had an overdraft fee, and she managed it very well. She learned that she had to keep it balanced to make sure she stayed in good standing. I dont' know that I would recommend it for everybody, but in her case, it was a positive experience.

 

[GaSleepingBeautyFan]

I'm thinking of opening one for DS14.

He's got a band trip coming up next year and I'd be more comfortable with him using a debit card then for him to carry alot of cash.

 

[jennifermae]

I think that it all depends on the child. When my older daughters each got their drivers license, I also got them a credit card with their names on it from my account. I did not want them out on the road without means to get gas, or a tow, or anything else that they need. It also helps out if I need one of them to stop and get milk on the way home....
My oldest has had hers two years and the middle child has had hers for a year now, and I can honestly say that neither have abused this priveledge at all! I guess it has helped that I have sat down with them and explained how credit works and that we as a family do not carry balances on credit cards!

I think it is good for them to learn this at this age....

 

[golfgal]

I'm thinking of opening one for DS14.

He's got a band trip coming up next year and I'd be more comfortable with him using a debit card then for him to carry alot of cash.

That is why we got DS17 his to start. He went to China with the band and we needed a way to make sure he had enough money while he was there.

Our kids have a student ID from school that the could use (photo id) if needed but they have never had to show one. DS17 has a driver's license so that isn't a problem now.

 

[momo4-half]

My experience with credit cards and teens has been great!
I gave visa cards to 3 of my teens at age 14 and 12 so they could manage their own clothing purchases. I load a certain amount each month and they are responsible for keeping themselves clothed - underwear, outerwear, shoes included. First month was rough, the girls especially took advantage of the freedom and spent all on unnecessary items. When my oldest complained she had no underwear for camp last year and not enough money to buy some, I reminded her the money was for underwear, too. I let her think about it for a few days and then took pity and bought her a pack of undies. She has since learned to manage quite well.

Nice thing about starting with clothing is that I can check to make sure they are not spending the money elsewhere, as this is separate from their allowance, which I still give in cash. Also, they learn to make due with what they have (same daughter said she'd rather wear one of the older winter jackets we have at home than spend money on a new one.

My son has 6 pairs of jeans and no winter jacket. When he gets cold enough, I'm sure he will seek out one of the old ones at home, too.

I am pleased with the arrangement and the kids LOVE the independence of not having to ask for clothes or go shopping (they mostly look for deals and order online). I have added bus-pass money to my two high-schooler's accounts so that they have to buy their monthly bus passes themselves. I am trying to figure out a way to give them access to other money via Visa card, too. I will probably make a separate account so they don't spend clothes/bus money on movie tickets and junk food...