Parenting Tip #9: Have Your Teen Open a Bank Account

Learning how to manage his/her own money is a main responsibility your teen needs to do before becoming a young adult and moving out on his/her own. A great way to start learning this adult responsibility, is to have your teen open up his/her own bank account. You should allow your teen to take this responsibility on his/her own allowing him/her to control the conversation with the bank clerk. Of course you’ll want to be the joint account person, in case of any problems, but allowing your teen to handle the conversation with the clerk will help him/her feel more like the owner of the account. This will strengthen his/her self confidence in money management.

Does your teen have a bank account? Do you have any tips to share with our community? Please feel free to leave your tips or opinions in our comments area.

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