Savings accounts: Kids aged 14-17 years old

[QuilterMom]

Do your kids aged 14-17 years old have their own savings accounts?

[homesteadmamma]

I jumped the gun and answered the other one.

Yes they have savings accounts.

[canadian gardener]

We got ours doing savings accounts around 5 and 8 I think it was at the time. Couldn't even see over the counter. Now ds the older one is 26 and works at a bank.

I think both of them took the allowance and savings seriously. Right from the get go we gave them an allowance and when they were too little for accounts, they had their piggys.

allowance rules in our home:
Give 10%
save half of the remainder
spend half of the remainder

but money gifts were theirs to just spend if they wished.

We explained it as a habit that intelligent people do as a matter of course.

Kids love it when you tell them you aren't sure if they are old enough for this yet, but you are just too tired to bother keeping this from them, and hey they've been pretty grown up lately so

you'll let them in on something.

their eyes get big, they REALLY listen and sometimes they learn.

It's amazing how well they act when you expect them to act like an adult, but let them know that you aren't quite sure if they can do it yet. It's a challenge. They go away saying "I'll SHOW YOU!" and that is exactly what ours did.

They went thru college debt free and with money in savings still.

[emily_hope]

Both of my DDs have savings accounts. My Dad started them when they were born.

[Hollyhandi]

My son doesn't have right now but will by next month.
He needs to save for a truck before next winter. ( now that he's working he needs to start saving )