Child Education Account
So I am very happy to report I did some research to prepare for my first official blog U22! My favorite subject? How young is too young to try to start your children on the path toward making intelligent decisions with the money? According to an article I read at KidsHealth, a good time to start giving your kids an allowance is 10 years. We were a little ahead of the curve of this particular trend and has given our kidos allowance from 8 years. These are the types that do require extra help, believe me, they earned their keep well! They still earn a allowance for the tasks to do, but now they are older, I wanted to take a step further. Because honestly, Gloria pink pig bank Plastic is not really anything more appropriate. I want to start teaching my children the value of genuine savings rather than spending and ensure they are on the path of fiscal responsibility, long before adulthood. Now, at the age of 14 and 17, and with songs reminding us every day of our stormy economy, I'm looking for ways to strengthen the idea of preparation and planning.
I recently read an article in the Wall Street Journal that:
"About one third of seniors graduates secondary or feel they do not prepared to manage their personal finances, according to a survey of 500 students conducted by Capital One Financial Corp. and only 27% say their parents are a primary resource for financial guidance. "
Only twenty-seven percent! WOW I sure I do not want to be one of the sixty-three percent of parents who trust their children's future financial direction of someone else! Thus, coinciding with my previous commitment to financial education, I decided it was time to intervene and make the smart decision to become more involved. After all, if I did not teach my children how to be responsible for the money, who will? (I do not know why it did not dawn on me earlier! But better late than never right?) And, even more frightening, painful that the lesson will become for them the more I wait?
And here's my little pitch, I promise I will not do too often, but it is a good one! GTE Union Federal, a few blocks from my house, has a product that is specially designed for young adults, it is not the steep bank account that I use, but something they can enjoy and appreciate – less than 22 years. This particular program has many features that I want, like the possibility I set daily spending limits for my children, and alerts when balances Get Low. They can also receive alerts on their mobile phone (My two teenagers never put their phone so they will always know exactly where they are!) And to win cool stuff viewpoints to using the debit card U22. My thought is that this type of account appropriate credit Union is a good way for my children to get a taste of responsibility without financial commitment to jump into (and possible expense!) an ordinary current account. Besides, I feel a sense of security turning to the body when so many banks have made headlines lately.
In addition, If your kids are like mine, they make mistakes from time to time. Believe it or not, they are not perfect! Go figure. One advantage is that U22 account once a month, a child be able to open their account and the penalties have forgiven. I think it's particularly important, given that the Americans paid more than $ 16 billion in costs overdraft in 2006.
I am pleased this important first step that I took my children and opening an account U22, but I know are many more lessons to learn. I shall not fail reviews along the way so that other parents can learn from my failures and successes. Lets raising a generation of financially responsible young adults – GO USA!
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This entry was posted on Monday, July 26th, 2010 at 11:44 am and is filed under Child Learning. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.