When my son got his first part-time job, we opened both a checking and savings account for him. Since he’s a teenager, the bank required an adult be added as a secondary signer on the accounts. I added myself, which allows his accounts to be visible within my login to our bank’s online portal.
Having access to my son’s accounts through the bank’s online tools has proven to be beneficial in many ways.
With the click of a few buttons, I can view the transaction history of his accounts. I can see what he’s spending his money on, and how much his expenditures are. I’ve questioned him on a purchase several times, but for each of those instances he’s had a valid answer. He knows I’m keeping an eye on him.
Managing his finances through the use of a debit card attached to a checking account is still a fairly new concept for my son. It’s entirely possible that he may slip up and overdraw his account. I check his balance each day and make sure he’s aware when his balance is getting low.
We have an agreement that a certain amount of each paycheck is automatically transferred to his savings account. He has the ability to cancel those transactions, as well as transfer money from his savings back to his checking. Those actions are not acceptable unless previous discussed and approved.
There are times when I want to give my son money to go buy shoes or get a haircut. There are also times when I buy something for him with the understanding that he will reimburse me. Having the ability to transfer money between our accounts saves us a trip to the ATM.
I added myself as a secondary signer on my son’s accounts only because the bank required it. However, doing so has provided me with the ability to ensure my son is managing his money wisely with the touch of a few buttons.
Does your teenager have a checking and/or savings account? Are you a secondary signer on the account providing you with the ability to easily monitor their finances?
Brought to you courtesy of Brock