Finance
Your child's statement of account
Already a teenager and working part-time!
The moment of $$$ truth
The proof of purchase or receipt for certain purchases should be kept. Why?
Your child's statement of account
More and more people are keeping track of their banking transactions with statements of account instead of passbooks. Young people are no exception. As a parent, you can help your child understand the information in his or her statement. Look at a copy of the statement and explain each item (e.g., you deposited $5 on this date. The amount was added to the money you already had in your account, so you now have $xx in your account and you withdrew $xx.). A statement of account is a good way to follow the changes in your child's account since each transaction is listed with details. It's never too soon to learn how to manage money well.
Already a teenager and working part-time!
Your teenager found his first part-time job. As a parent, you naturally want to guide him in his budgetary, savings and spending choices. It is better to start as soon as possible – preferably before adolescence – but it's never too late to talk to them about the value of a dollar. Parents and teens both benefit from objective discussions about the cost of living, expenses covered by parents and planning for major purchases (trips, a home or car). It isn't necessary to focus on their cost. The best way to get a teen interested in savings is by associating a project or item that they feel passionate about. One last tip: since kids learn by example, practice what you preach!
The moment of $$$ truth
School is started, and for many young people this means the end of their summer job and a much appreciated source of income.
What will your children have to show for their summer's work? Will they prove to be savers or spenders?
How about sitting down with them to discuss their summer savings? This could be an opportunity to motivate them by recognizing them for their efforts, or, in the course of conversation, find out about any damage done.
In either case, the overview will be of great benefit to them.
The proof of purchase or receipt for certain purchases should be kept. Why?
Adolescence is, among other things, the age at which you should learn the art of spending wisely. At that age, young people often start making larger purchases, such as video games or sports equipment. In addition to providing sensible advice about essential needs and accessories, it is important to teach them to adopt responsible behaviour when shopping, such as keeping their proof of purchase or receipt.
The proof of purchase includes the description of the product purchased, the transaction date, the place it was bought and the price paid. These receipts are the only proof that payment was given for the product or service in question. Without this proof, it is much more difficult, and sometimes impossible, to obtain a refund or exchange if the item or service is defective or does not meet the expectations promised by the seller or manufacturer.
Better safe than sorry!
