Opening a Bank Account for Young People May Lead to Financial Responsibility When They Become Adults

Lee Hansen By Lee Hansen, 12th Aug 2014 | Follow this author | RSS Feed | Short URL http://nut.bz/2sgid_sz/
Posted in Wikinut>Money>Money Saving Tips

You're never too young to learn about being financially responsible. It can start off as simple as the contents of a child's piggy bank.

Places to Open a Bank Account

Whether it's at a bank or credit union, the importance of setting money aside is crucial for a brighter future for the up-and-coming generation of young people.

Years ago when my young nephew spent summers with me, I opened an account for him at the bank. When he would do jobs around the house or for other people he would be compensated for it. A portion of his money was put in the bank. It stayed there for many years. Now he is 31 years old and married with an account of his own. He has learned to appreciate the value of saving and budgeting his financial resources wisely. It all began with those pennies, nickles and dimes he saved as a boy.

Opening an Account is Important

It will teach them the importance of putting money in the bank on a regular basis.

Children sometimes have the idea that their parents can provide for everything their little hearts desire. Many times their parents are fortunate to meet the mortgage payment and put food on the table.

Earning Money

If they earn any extra money via allowance or by doing chores around the house they won't be as anxious to spend it. It's a whole different story when they have to foot the bill alone without help from their parents.

Vacation

Nothing spells independence more for a young person than having their own stash of cash to spend while traveling. Those things that you couldn't get before because it wasn't in the family budget can now be more easily purchased because they have saved specifically for this time.

It Allows Them to Save Up for Something That They Really Want

Money doesn't grow on trees. And because of that it is important for them to be willing to save for the things that they really want. It will give them the satisfaction of knowing that they were able to independently pay for something.

It Will Teach Them to Hopefully Stay out of Debt

By being responsible with their money they will learn to budget properly as they go into adulthood. Old habits are hard to break. The earlier they can learn about budgeting their money, the better off they are more likely to be financially.

It Will Allow Them to Freely Share With Others That are in Need o rDonate to a Charity

They will learn not to be stingy when a crisis happens. It could be a family crisis or a local catastrophic event that has taken place. They might be more willing to sacrifice and help others who might have an immediate need. Knowing that they helped someone will instill in them a sense of pride.

How to Begin the Process

You can contact your local banking institution to find out what the requirements are for opening an account for a young person. It's a rather seamless process that will reward handsomely if savings is done on a consistent basis.


Credit: Pictures from Wikimedia Commons

Tags

Adults, Bank Account, Budget, Financial Responsibility, Money Tips, Opening A Bank Account For Children, Parents, Piggy Bank, Saving Money, Staying Out Of Debt, Vacation

Meet the author

author avatar Lee Hansen
As a breast cancer survivor I have learned to take time to smell the roses in life. I love sharing my passion of reading to children. My pages will be on various topics.

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Comments

author avatar Retired
14th Aug 2014 (#)

I love your articles about teaching our young people how to live responsibly, Lee. This is another fine piece!

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author avatar Lee Hansen
14th Aug 2014 (#)

Thanks Susan. I think the sooner you start the more the lessons will take root hopefully.

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author avatar Nancy Czerwinski
15th Aug 2014 (#)

Lee, excellent article. My hope is that young people read this article and take away the lessons that it contains.

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author avatar Lee Hansen
15th Aug 2014 (#)

Thanks Nancy. That's my hope too.

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author avatar cnwriter..carolina
16th Aug 2014 (#)

never too soon to be responsible...thank you Lee for this article...

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author avatar Lee Hansen
16th Aug 2014 (#)

Thanks cnwriter. The earlier the better.

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author avatar Delicia Powers
18th Aug 2014 (#)

Great idea...and article...thanks Lee!

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author avatar Lee Hansen
18th Aug 2014 (#)

Thanks D. Hope it is a help to many.

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