When the statement arrives, go over it together and explain fees and transactions. Then explain how to balance a checkbook. Keep Good Records Suggest your children keep a file for canceled checks, bank statements, receipts and transactions. You'll help them establish good habits for record keeping and organization. Make a space in your filing cabinet for their records and respect their privacy.
Some children have a natural affinity for saving money.
Others spend it faster than they earn it. A great way to encourage children to save is to provide incentives. Offer to match them 50 cents on every dollar they save for a year or longer. Tread Lightly Few topics cause sparks to fly between parents and teenagers like money. I earned this money.