Top 5 Things to Teach your Teenagers about Money

No. 4: Open their own bank account

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By the time your children have reached their teens, they should be mature enough to be allowed to hold their own bank account. You can open them a savings account, where they can deposit allowances, gifts, or money made through working. If you’re worried that your kid might not be as responsible as you would like him to be, you can keep joint custody of the account. Having their own account will give teens a sense of independence that will do wonders for their self esteem and financial skills.