The day finally came. My daughter opened her first checking and savings account. She was so excited for this day; as excited as opening presents on Christmas Day. She took all the cash she had from gifts and chores and deposited into her new account. She even created her own login to monitor her bank account. I was glad to see that she wanted to put more of her money into savings and a small amount in her checking.
It was a proud moment for me because she talks about saving her money for her future. This is a great start and I wrote that it is beneficial to train our kids early. She will receive her debit card and another topic I talked to her about is the difference between debit and credit. Hopefully, as she starts to use her debit card, she’ll finally see it in action and understand the concept. The earlier we expose them, the more equipped they’ll be when they have to make financial decisions on their own.
My daughter dreams of going to college, buying a Mini Cooper, and buying a condo or townhouse. I love her aspirations but I also ask how are you going to pay for everything? She responds she’ll work harder and save as much as she can now.
One of the phrases my kids will remember me saying is there are 3 things you can do with money: spend it, save it, or invest it. I’m glad my daughter has the mindset of saving and not spending on things that won’t give her a return.
One of my goals is to equip my children with the financial knowledge to avoid going into debt. As of November 2020, consumer debt is at $14.2 trillion, with Americans carrying an average personal debt of $92,727. That’s more than I would like my children to live with and if there’s anything I can do to help avoid it, count me in.
This is another stepping stone for my children to experience financial reality. Opening a bank account is a great milestone for a teenager. I’m glad she’s starting early, taking the responsibility, and having fun at the same time. If you are interested in following my journey, email subscribe to get alerts of latest posts or follow me on Facebook, Instagram, and Pinterest.