Many of us probably have similar experiences from camp trips. In the middle of the holidays, cash was starting to run out, so we made a phone call to parents asking for financial support. Then they spent several days anxiously wondering if the postal order would arrive on time. Frustration grew with every souvenir and with every ice cream that we had to say to ourselves during the trip. Today, fortunately, modern solutions are available to make life easier for parents and their children. If you want to save your child similar dilemmas, before sending him to a summer camp, use the option of creating a bank account or sub-account on your account.
Bank account for a teenager
Online banking is one of the most important amenities of our time. Today, we can no longer imagine normal functioning without online transfers, online purchases or even smartphone payments. Thanks to online bank accounts, we can conveniently monitor our finances, plan expenses, easily set up standing orders, etc. Children and young people can also learn how to use these solutions and dispose of money. Creating a bank account for your child may have more benefits than risks. All we need to do is approach the subject wisely.
Self-management of money
The best time to learn independence for a child are holiday trips. It is often then that the youngest are struggling with financial problems for the first time. They learn the hard way what happens when the budget is poorly planned and purchases are influenced by emotions. They find out what excessive wasting is associated with. However, such learning does not have to be stressful – neither for parents nor for the child.
There are many bank account offers for young people on the banking market. Most of them are online accounts . You can withdraw cash at bank branches or at ATMs. Some banks also offer accounts with the option of making a transfer by a child, after parent’s approval.
Selected banks offer online accounts with access to systems dedicated to the youngest . The online banking system for a bank account can have an educational nature, e.g. at a PKO bank. It is also usually readable and easier to use. The child, using his account, learns to dispose of cash as well as to use electronic banking. In addition, administering your own account teaches you responsibility and a serious approach to money.
Planning your vacation expenses wisely
An online account with the option of cash withdrawals at an ATM is the most convenient solution when we send our children to summer camps or holiday camps. It is the independent trip is the best opportunity to learn responsibility. In addition, it is a relatively safe solution. It’s easier to keep an eye on an ATM card than a wallet with banknotes. Parents can also take care of their child’s expenses and monitor them remotely, and when the cash runs out, there is always the possibility to quickly and easily top up the budget of the young traveler . It is important to do it with your head and talk to your child about his finances.
It is not a question of providing a minor with constant access to an unlimited amount of money. On the contrary. Before leaving , tell your child how much money to spend on vacation . If our mentee is not able to manage money well, subsequent transfers should be negotiated by jointly discussing his expenses.
Credit and debit card
The account that the minor will use cannot have an overdraft option. It is clear that by providing the child with the option of withdrawing money, we must take into account the difference – debit card and credit card . Trust, trust – but even the most sensible child is not yet as skilled in planning expenses as an adult. Especially if we provide a young person with access to our account by creating a subaccount on it, let’s block the possibility of creating a debit account on the account.