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How do I get my teenager to open a bank account and save money? |
my daughter is 17 and will be 18 in a few months, She is wanting to move out on her own, with her 1/12 year old. She knows she needs to have money to move out with, she knows that she will need deposit money and lights,gas ,water, cable, and what not money. She is always looking at the rental section in the paper to find out who is renting and what it will cost. She has a full time job and pays for most of what the baby need. But for the life of me I can not get her to open a bank account and start saving money. I gave her a budget I wrote out to show that by the time she moves out she could have aleast 4 thousand dollars. That and still have had money to buy what she needs for herself and the baby and run around money.. Most of the time I get 'its my money mom I can do what I want". I tell her that when she goes to move I will not have the money to help her move. I just a blank look from her. How can I get her to open a bank account.?? Well, I think you should have started teaching her about money about 12 years ago. Good money management is a habit learned early. But, hindsight is 20/20. I'm afraid that all you can do now is let her learn the hard way. Unless she's willing to hand over her paycheck and let you give her an allowance out of it, there really isn't much you can do. Cross your fingers and pray hard. Tell her that nobody will rent to her if she dosnt have an account. That they only accept checks as rent payment. This is what may work. Tell her that in order for her to get an apartment she needs to show credit and that she has money. So go to the bank together and deposit $100 to start her off in a checking acct or at least a high interest savings account that can give her 5%. Tell her adults bank online and write checks. Show her your check book and how to keep it. Tell her this is what she needs to have to get what she wants. Besides explain the interest thing to her. It is appealing when you learn that they give you money for holding her money. Or open one in her name with you as a joint owner. Give it to her as a gift of independence. Make a joint account with you and her (notice, I said AND). If you use this type of account, she can deposit all day long, but won't be able to withdraw or write checks without your signature also. Don't get an ATM/debit card. Have her do a direct deposit if she's employed, but only drop in 15% of her check. Even the smallest amount saved can really make a difference. It's tough, but I think she can handle it. I did not have to sign anything for my 17yr old daughter to have a checking account, many 17yr old college students and military members have checking accounts. Just find the right bank. You can not get her to do anything she does not want to do. She will have to see the light on her own. I might add she will get help from the state/county being a single mom. She should talk to county social services. I would back off and let her learn it herself. pushing makes people push back. She's too old to be told what to do anymore. Let it go and she'll come to the conclusion on her own. She may make the wrong choice but the best lesons learned are from wrong decisions! |
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