Should my (4) children have their own bank accounts or one together?

Question

Should my (4) children have their own bank accounts or one together?

Answer 1

Definately their own. What if one decides to empty it out and spend everyone elses's money? Not saying that your kids are like that but money and family don't mix well.

Answer 2

They should have their own. You'll find each with their own personalities will have their own wants and needs. You'll have savers and spenders. It's not fair to merge them together.

Answer 3

Separate.  Do NOT establish joint accounts.

Answer 4

SEPARATE SO THE CAN ALL SAVE FOR SOMETHING SPECIAL. THIS ALSO WILL HELP AVOID ARGUMENTS ABOUT WHO'S MONEY IS WHO'S. THAT WAY THEY CAN LEARN TO MANAGE THEIR OWN MONEY WITHOUT DEALING WITH OTHERS CONFLICTS AND KNOW CAN TELL THE OTHER HOW TO SPEND THEIR MONEY.

I WILL HAVE SEPARATE DEBIT CARDS AND THEY MAY HELP THE OTHERS IN FINANCIAL BINDS.

Answer 5

If you are going to set up a bank account for your children, you should keep them separate.

If they are together, one child can clean out the account without the other's knowledge and it would be legal.  

By keeping the accounts separate, you can avoid a lot of feuding and distrust among the children.

Answer 6

Separate of course.  They could have one together if they were all saving for something special.   But they all aren't the same and have different saving goals.

Answer 7

They should have seperate ones. I'll tell you the pros and cons of having one together and all seperate.

One Account Together

Pros: Less band numbers to remember

Cons: They won't know how much money each of the kids have, The kids won't like it, If one ever got a debit card they could be taking more money than THAT ONE CHILD has, It would just be confusing

Seperate Accounts

Pros: The kids could ALL have debit cards, they could only take as much money as they have in their account, they would be satisfied that they ALL have accounts, while they grow up they could get credit cards from their account

Cons: It would be 4 codes to remember

Hope i helped :-)

Answer 8

I agree with the earlier answers - definitely separate.  

Having their own savings accounts is an excellent way to begin teaching your children money management skills at a young age.

Start simple, so that they can understand.  They should be receiving allowance, and they also should have some household responsibilities for earning that allowance.

When you open the savings account for each of them, explain that some of the money they earn is for saving, some is for giving, and some is for spending.  The money set aside for savings can be used for a long or short-tem goal.

It is beneficial to teach them about setting long and short-term financial goals and to save for these purposes.  Then, they won't be so likely to depend on credit cards when they grow up.

Answer 9

they should not share because 2 reasons because they deserve individual accounts and 1 can spend everything on something.

Answer 10

seperate it wouldnt be fair if they all had to share