So yesterday, i was in meeting with some elderly men, one of them got a notification alert from the bank and he goes ‘Kini omo yi man fi owo ra ni gbogbo igba no’(What does this child buy with money all the time), he picks up his phone and puts a call through to his daughter questioning why she had to withdraw money and what she needed it for. Turns out he gets an alert on every transaction she does on her account.
Would you as a parent want to monitor your child’s bank account?
There are parents who just estimate how much pocket money will be enough for a child throughout a semester and pay it into their account. So I guess it’s okay to monitor the child’s expenses to make sure that they are not spending recklessly.
Cause finally, after all the scolding and all, someone like me will not have the mind to keep my child broke. I’ll still end up sending money
So I guess it’s better to guide them through the spending process and let them be accountable to someone.
Who get time? @Drew 's response nailed it. I think most of the parents who do such, monitor their children from a place of guilty conscience. They know what they did to their own parents and don’t want same befalling them. Shior!
No. I will not monitor their bank account. I will only monitor how I give them money.
When I was in the university, my dad had a diary where he writes the date he gives us money and how much. One time, I finished my pocket money and went to ask for more. My dad checked his diary and said it’s not long he gave me money how come it has finished. I cried seriously before my dad agreed to give me money again. He knew the amount he gave me and the date and had budgeted how long the money will last. He told me to go and write a list of all that I spent my money on and I should be writing my daily expenses.
That taught me a lesson.
Writing your daily expenses helps you manage your finances effectively.
I was free to spend my money as I like but knowing that my dad had a record of when he gave me money made me to manage my money so as not to go begging and crying before the next allowance came.
Instead of tracking my child’s bank account, I will give use my father’s method. When I give you an amount of money, don’t come and ask for more until a certain date. If you misuse the money, you are on your own.
Before getting your next allowance, you must have a list of daily expenses for the whole month. That’s not to punish you but to teach you some financial principles.
I don’t think I want to be getting debit alerts from my child’s account, it’s too much work. I’ll teach them to be numerate and financially smart early…I’ll teach them to track their cash flow and occasionally make presentations. If I have to monitor my 18 years old every expenditure, I have probably done a poor job in raising the child, at that age we must have earned each other’s trust on various topics, money inclusive. At that stage, I only want to hear stuff like I’m raising money for a project, a friend’s school fees, a trip to an incubation hub, a business, etc things that are not self serving.