First Checking Account ? When is it Time?

We all know that money doesn't grow on trees, but we all need it to survive. The use of cash will only go so far in life, as you can't send it through the mail. Checking accounts are relied upon to manage our finances and to send in payments for cable, phone, mortgages, etc. Even in this new era of ecommerce, it is still necessary to have the resources that a checking account provides.

When is the right time for kids to get their own checking accounts? There is a lot of debate among parents and bankers on this idea. Bankers will open a checking account for anyone who they feel is fit to have one. Parents have two sides to the story. Some parents think their kids should have one as soon as they can because it teaches them valuable lessons. Other parents believe their children don't need checks at young ages.

There are some good questions to ask yourself in order to find out if the time is right for checking responsibilities:

• Do they need an account? What expenditures do they have?
• Do you have any reservations in co-signing?
• Are they responsible, i.e. hold a job, get good grades, etc.
• Will they allow your intervention when it need be?
• Will you be able to monitor the account on the internet?

Checking accounts and kids really revolve around common sense. You should know if your child is capable of handling the responsibilities of writing checks. What really helps the arrangement is parental participation. Parents should be able to help their kids with any questions they will have and teach them how to balance and reconcile.

Benefits of Child Checking

While there may be some reservations about opening a checking account for a minor, there are some benefits. The child will be able to start managing money, and learn the ways of personal finances. They won't have to carry around cash with them all the time. An ATM card with access to the account is really the only thing they have to carry around.

The tracking abilities are probably the most welcomed aspect of checking. Banking online has changed drastically in the last few years. If you take advantage of all the possibilities, it is rare that you actually have to write a check. It is also amazing to track where the money goes. Expenditure tracking is good for adults and kids. It is a way to eliminate unnecessary spending.

A relationship with a financial institution starts your children interested in the whole process. Banks offer many other services than checking. They offer bonds and certificates of deposit, loans for cars and homes, and they also offer business financing.

Through anyone's life, they rely on the bank for many services. Banks are usually a low margin lender, giving customers more buying power. Checking account management at a young age leads to the importance of financial stability, clean credit, and flexibility.

Only you know when your children are ready for their first checking account. Take time to make the decision. Sit down with your kids and talk to them about finances to open up the dialogue.

Robb Ksiazek researches and writes valuable information for Checks-4U.com. His writings discuss topics based on the home and small business office and how to get the most out of your resources.

---

10 Tips To Save Money When Dining Out

Here are some tips that can help you save money when dining out. Keep in mind that these tips are intended to help you save money when dining out at a restaurant type... Read More

How Electronic Checks Work ? Will Paper Checks Eventually Go Away?

Traditional checks probably won't disappear anytime soon, but processing checks electronically is sure to continue! Have you ever been asked to fill out your account and routing number when paying for something online... Read More

Are You Ready To Be Fired?

Your boss has just informed you that your department is being reduced by two and you are fired. After he leaves, what are you going to do? This is not about finding a... Read More

The Benefits of Banking Online

How many drawers did you have to look through to find a bank statement the last time you needed one? Chances are you did not lay your hands on it as readily as... Read More

Strategies for Success

Holy Shenanigans! More STUFF?Loosing one's business due to lack of personal control is a sad thing. I've watched many people do just exactly that. Recently, a friend told me that her only money... Read More

What?s New in Checking ? From Designs to Photos

Just about everyone has a checking account. Checks present easy ways to make payments and they have simply become a way of life. Most checking accounts are pretty much the same, but there... Read More

Budgeting is Bothersome

It doesn't take much for you to get behind on monthly bills, but it sure takes some time to catch up. The comparison in my mind is to weight gain. A one-week vacation... Read More

Banks Are More Than Just A Place To Park Your Money

If you've been to a shopping mall lately, you've probably discovered two different banks within a few feet of each other. Go inside the food store in that shopping plaza and you'll see... Read More

College Expenses: Seven Ways to Save on an Education

Many people graduate from college owing thousands of dollars in student loans. It isn't uncommon for students to graduate owing $30,000 to $40,000. For people that get married shortly after graduation that means... Read More

Students Investing in Their Future Need to Manage Their Finances Today

With the A-level results coming out, the long wait for UK school leavers hoping to go to university will soon be over. All the hard work that has been put into achieving the... Read More

Save On Food - Ten Tips

To save on food, be an opportunist. Buy what you like, but buy on sale. Do you need oranges every day? Buy them when they're cheap, then buy grapefruit or orange juice when... Read More

Financial Readiness: Preparing for BRAC (Base Realignment And Closing)

The recommendations for military base closings have been released and the news is not good. If the recommendations are accepted, you will lose your job. So what do you do? Hope for the... Read More

Take Control and Master Your Kitchen

Those who keep a watchful eye on where their money is spent, have long conquered the kitchen woes. No last minute panic trips to the market. No longer needing the "give-the-kids-$20-for-fast-food" solution. This... Read More

Portfolio Planning can Lead to Irreconcilable Differences

The judge had to ask the question, and we had to answer it in order to get our divorce finalized. It was all supposed to be pro-forma. "Why are you getting divorced?" the... Read More

5 Steps to Healthy Spending Habits

Next to our physical health most of us are primarily concerned with our financial health, and with good reason. Although our intentions are usually great our follow-through and discipline generally isn't. Mere mention... Read More

How to Draw a Personal Budget that Works

Many people spend their little income haphazardly without any planning and end up getting broke before month-end. They then borrow to make ends meet and end up with more problems that they fail... Read More

Check Fraud and Verification

Before buying personal or business checks you should inform yourself of the best ways to protect yourself from check fraud. Since man has written checks check fraud has existed. Like any fraud, check... Read More

Help With My Annuity

The cries are heard from the distance, "I need help with my annuities." Nothing has changed...just a lonely senior who can't trust anybody with her annuity because every time she asks for advice,... Read More

Budgeting your Savings - Did You Let Your Piggy Bank Get Away?

I think most of us have at some point in our lives. Some how we forget to feed the little piggy. And, like most neglected "pets", your piggy bank will disappear if you... Read More

When do You Need a Financial Management Company on Your Side?

We live in a crazy world. Someone ought to sell tickets. It seems that people, especially those in the US, are always clamoring for products and services that they don't need and ignoring... Read More

Estate Planning Basics

You have probably accomplished a great deal with your life. Over the years you have worked, planned and saved. Perhaps you have even made some sacrifices to achieve your current level of success.... Read More

Money Matters - Really!

One of the biggest challenges facing black RELATIONSHIPS today are finances. Many people mistakenly feel that money does NOT matter. In fact, money matters the MOST! Why? Most people do not have a... Read More

Understanding and Controlling Your Finances

Have you ever wondered what it would be like to be able to have complete control over your finances?If you are like most normal people, you have a job. You go to your... Read More

Why You Should Seek Professional Help With Asset Management

Everyone needs to maintain their lives. What I mean by that is that we all need to take certain measures to make sure that we have a home, transportation, food, entertainment etc.One of... Read More

Personal Checks ? Extreme Benefits

Millions of people have a checking account and many people have two of three. They have the choice of choosing a variety of check designs to compliment the checking account. The styles range... Read More

Five Secrets for Long-term Financial Success

Future financial success is not a guarantee that any one of us can rely upon, no matter how wealthy we are now or intend to become.There are however five future proofing financial steps... Read More

How Check 21 Affects You

The Check 21 Law is the new federal law for financial institutions and has taken effect last October 28, 2004.Before the Check 21 law was enacted, your paper check had to be physically... Read More

If All Things Are Possible, Why Cant I Balance My Checkbook?

For me, the most terrible time of each month is the day our bank statement comes. We commonly call it BSS (Bank Statement Syndrome). I don't know why it is, but I have... Read More

The Joys of Address Labels

Address labels are many things to many different people. If you are a huge fan of address labels, you aren't alone. If you are not a fan, you simply haven't yet realized the... Read More