Homeschool Zoo Annex

Children's earnings

When my kids were old enough to get part time jobs, that was exactly what they wanted to do. They wanted their "own" money so they could make more decisions about spending and saving. We went with them to the bank to help them set up checking accounts and savings accounts.

Of course, we had to sign with them because they were under the age of 18 at the time. But when they got older, we had our names removed from the accounts.

These bank accounts taught them a lot about money management, and what happens if you mis-manage your account and wind up overdrawn! That was a costly lesson for them, but they didn't repeat it and moved forward into better account reconciliation and tighter spending habits. They learned to postpone what might be impulse buys, and they learned how to budget their money so it would last them until the next paycheck.

Labels: Economics, Finances, Homeschool families

posted by Ann crum @ 12:37 PM