Not so sure if this one is going to be too positive!
We are trying to do teenage budgeting, an interesting experience - as in teaching our teens to budget not budgeting our teens which could be interesting. Must think on that some more :)
We are not being helped greatly by the organisation they must keep all their wages in - namely the bank. Ok so it is the fault of the individual to overdraw but surely safeguards must be in place to help a new user of the bank. But no. Bank charges can be gathered up to about £150 a month, a statement is given at the beginning of the next month to let on about the said bank charges, but then the charges do not come out til the following month. So say charges run up in Sept do not come out the bank till November. And for someone who is struggling to budget this then just leads to another month of being overdrawn and being charged from it.
You can see how the banks manage to get all their nice healthy bonuses.
I did wonder whilst praying about this whole economic crash being God punishing for the way we treat money but mainly those who got hurt were people who'd been allowed to take on too big a mortgage, people struggling anyway and those in the developing world.
I changed ages ago to Reliance Bank, a Christian bank, because of its ethics with money but now I am getting the teenagers to change too just because they will get looked after a people not just a meal ticket!
I can laugh now as it so reminds me of a certain child of mine who managed to run up a huge phone bill. Problem is that we couldn't take the phone away he did genuinely need it and there wasn't a pay as you go in Denmark that we could work out. Needless to say that certain someone learnt how to do without money for the rest of the year, the bill was that large. He learnt and although he is still not the best it certainly stopped him from following the crowd when he did leave home, he realised very early on that it his budget would not stretch to going out clubbing and parent's weren't there to bail him out. So I do hope that it is a productive lesson even if it doesn't feel like it now.
ReplyDeleteNot heard of Reliance before, must investigate.
Thank you
ReplyDelete