Last week hubs and I took our son JJ to the bank with us. We were there to set up a new account for our new vehicle, since our vehicle blew up and became unreliable. My son sat in the corner, texting as usual on his phone with his friends when I looked over at him. “Okay it is your turn,” I said to him. My son looked at me with surprise. That’s when I told him he was about to get his very own bank account.
There are several reasons why hubby and I wanted to set up a bank account for our son. The main one being that in another year he’d be working and would need an account to collect his paycheck, as most businesses pay via direct deposit nowadays. But aside from that, there were many good reasons our teen needed and should have his very own place to put his money.My son after we just told him it was his turn to get an account.
A Sense of Responsiblity
It is important for a young adult to feel a sense of responsibility over their own lives. Our teens are growing up every day. We give them chores. They have deadlines for homework and curfews to keep. It only makes sense to begin teaching them how to be responsible for their own finances.
Goals to Saving are Important!
Most kids have goals in mind by the time they reach teenagehood. There are things they want, like computers, gaming systems, cell phones, new bikes, or maybe even clothes and shoes to which they want to purchase themselves. Having a bank account and teaching our teens how to save money to help reach their goals is vital towards helping them get what they want. Plus there is a sense of pride that comes from saving and making a purchase themselves.
Signing his john henry.
Preparing for a Better Financial Future
Canadians are in debt up the ying yang. It’s true — we love to charge, bill, rack up debt more than most. In our house the motto is if you don’t have the cash to buy it you don’t get it and therefore probably don’t really need it. I want my son to have a great financial future. Not one flagged with bad credit scores, bad debts he can’t pay off and no idea how to save. Giving your teen a bank account of their own is a great start to helping them achieve a better financial future for success.
With the Internet ever evolving, so are our banks. TD Bank offers a new TD Visa Debit Card for all cardholders that will link online buying to their bank accounts, allowing buyers to use their bank cards like a prepaid Visa but without the hassles of card fees each time you buy a card. Now my son can make online purchases for items he wants. He can learn about money control, spending, taxes and shipping. An important part of life as he gets older whether personally or in business.
The look > hurry up and take the darn picture I know it’s going on your blog LOL
JJ was super excited to get his own Youth Account from TD Canada Trust. He set up his own pin. He signed his own name. I saw the look of pride and the “It’s about time” roll of the eyes he gave me after we were done. He put the card in his wallet and was so happy as it made him feel more like an adult. And that is really what it’s about it. He’s growing up. He’s making his own decisions. He understands consequences and is expected to make good decisions over his friends, school and life. So why not his money, too!
Have you thought about setting up a bank account for your teen?
[stextbox id=”custom”]This is a personal post written by me. I received no products or compensation for this post. All opinions are 100% my own. [/stextbox]