TIPS For Families

Andrea Nisley, Extension Educator
Source: “Talking to Teens About Money” by Consumer Action
University of Nebraska-Lincoln Extension
Building Strong Families

Checking and savings accounts are great ways to help young people learn to manage money.

• By teaching your children to manage a checking account, you can also pave the way to good financial habits such as careful money management, paying bills on time and handling credit cards well.
• A bank account—savings or checking—is handy for cashing paychecks.
• Writing checks is a safe alternative to carrying cash.
• An ATM or debit card, which comes with many checking accounts, can serve as “training wheels” for using credit cards.  ATMs are convenient, but teach your child to stick to your bank’s ATMs. Using other banks’ ATMs exposes them to hefty fees.