My Son's Bank Account Is Zero

My son has just turned the age whereby he is able to have his own bank account without my trustee signature. It is an exciting time for him and, as he is getting increasing amount of money from various sources [including me] he has become more aware of the power and use of money.

However, his new style of entrepreneurship in claiming a bank account for himself has not exactly turned out how we had planned. As I write this article, his bank account remains at the level of zero. I asked him why he has not put his money into his bank account. He has various answers and reasons; but the underlying, and most powerful one, is that if he puts his money into his bank account then he cannot look at it or feel it and it therefore doesn’t feel quite as real.

Strangely enough, I have begun to understand this concept; and I believe it is one that we, as adults, also use in a modified form. I’m sure most of us have used a credit card at some stage or other including for large purchases. Paying several hundred dollars via credit card doesn’t seem like we are spending or using money. But paying the same amount over the counter using hard cash feels very different.

And then of course there are complications of interest payments on deposits and also the safety and security of money in the bank rather than in a cupboard in some bedroom. As yet his check account remains at zero; but I’m working on methods by which we can help him save his money more productively.

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