As early as grade school, I have opened an account for my kids so they can start saving up and teach how to spend their money wisely. What goes in their account are savings from their allowances, gifts during their birthdays and Christmas, and me and my mom deposits extra cash whenever we have.
Next year, my daughter will enter college and now I am thinking of opening some sort of rechargeable credit cards or a debit card, so she won’t have to bring cash anywhere she goes. Especially if she’s riding the public transportation.
I am sure there is one bank instrument that can provide this where I am able to track my kid’s spending and remain connected even if she decides to live in a boarding house.
Oh well… time flies so fast! My eldest will soon be on her own while she studies college. Although I want to be at her side at all times, but I have too let her wing spread so she can find her own destiny.