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Originally Posted by linnybop  Holy cow-how do you keep up w/ all of that? I have enough trouble w/ ONE checking acct. Just wondering how old your kids are that you are handling their accts.-not flaming, just way curious. Anyway, DH and I are very boring. We have one checking acct., one savings acct., a savings acct. for each boy (all at the same credit union since I was 16), one ATM card, and one credit card. Of course, for the most part, DH has been the only one working, so we are only working w/ one paycheck. Since I just started a home-party business, I think I would like to start a business only acct., but will do that at the same bank. |
My 4 oldest are 24, 22, 20, and 17. The 17 year-old works part time the others fulltime 40+hrs.
The boys get paid once a week. They are not usually off when the banks are open, so I make their deposits.
They are free to do what they want with their money.
I usually check all the accounts online every week. Plus the boys do not write many checks, they usually pay cash.
I have just been the one in the house for years that takes care of the checkbooks, bill paying, keep the receipts, etc for our firewood business. They do the hard work... I do the paperwork.
I know it sounds strange my name on the boys accounts..but it works for us.
DH and I are trying to give the kids a headstart by letting them live at home and save most of their money. They have been able to buy their vehicles with cash (no loans) So, low insurance.
But it is not easy..instead of rent they have to help cut the firewood, do work around here (almost 10 acres) that has to be kept mowed down, etc. Also we are adding 2 additions unto the house..so they help their dad with that. They also help buy food, etc.
Hopefully they will be able to stay out of debt, except buying a house. But they will have a very good down payment on that. When you are able to keep most of the money you make, and have almost no bills. It adds up quickly.
I guess I do not think twice about doing the paperwork for everyone. But DH and the boys know how to do it whn they have to.