In my continuing quest to make myself obsolete teach my children the skills necessary to live as independent adults, I took my teenager to the bank to change his passbook savings account to a statement-savings account. Once he turns 18, he can get a MAC card or debit card linked to this account. In the meantime, he has to make trips to the bank's drive-through window to handle deposits and withdrawals. He has to keep track of his own bank balance, just like he'd have to do with a checking account. And he has to actually sign his name to the paychecks he earned this summer, which meant that he had to re-learn how to write in cursive after not being required to do this for at least three years.
Naturally, he has his own ideas about what he should be able to do with the money he earned on his summer job--but we have been requiring him to save 3/4 of his salary. We figure that will buy him a few minutes at college next year.
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2 Responses to “High Finance”
"We figure that will buy him a few minutes at college next year."
Yeah, that sounds about right. LOL
I think the value of saving money and passing that knowledge onto your children is really important. It is good to see that perents are still taking time to teach there own kids valuable lessons instead of just leaving it up to the public school systems.