I’ve a son who simply turned ten and we related his youth spending account to his telephone so he might purchase issues with out our assist (we do not dwell within the US proper now and it is extremely frequent right here for youths youthful than him to have telephones and even use public transportation by themselves). All of us get alerts any time he spends cash, one other weekly alert that reveals us his steadiness, and a 3rd alert when his weekly allowance is transferred to his account.
My child is unquestionably on the impulsive facet. He can be that child within the experiment who would take one cookie now as a substitute of two cookies later. I’ve seen his checking account dwindle slowly over the previous six months. I am making an attempt to show him the worth of saving whereas nonetheless letting him have management over what he does together with his cash.
I am contemplating letting his checking account earn curiosity at a charge of possibly 1% per week (funded by the financial institution of mother and pop). Then on the finish of the month, I can present him that by saving his cash, he now has an additional $5 so his subsequent journey to the comfort retailer is mainly free. Anyone strive something like this? Another suggestions for youths who’re a bit extra impulsive? I would like him to have the ability to do what he desires and never be afraid to spend cash, however I wish to steadiness it with understanding how not spending the whole lot now can repay later.