Saturday, November 19, 2016

Use A Parent Payment Plan To Hold Teens Accountable For Big Fines

Money Book


That’s how much one teen in our family finance community racked up in library fines. Ouch!

Of course, the teen didn’t have near that much money on hand to pay off the penalty. (And no emergency fund in place. Yet.)

This is where many parents would resign themselves to just paying the fine themselves. To compensate for letting their penniless teen off the hook financially, the parents might feel compelled to inflict more of an emotional penalty — extended lecturing, reminding, or, as teens like to call it, nagging.

Sigh. What parent needs more teen drama?

The parents of this teen, however, found a better way.

They paid off the $111 fine. But they also set up an automated $3 weekly deduction on their teen’s account. Payments roll into the parent’s account as weekly installments until the fine is fully repaid. Activity alerts on the teen’s card provide a steady drumbeat of reminders that library fines are not to be taken lightly.

That’s 37 automated nags that this teen’s parents won’t have to deliver personally.

Sweet. Accountability without the drama.

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1 comment:

  1. While it's important to teach kids about the consequences of things, I think that as parents we need to help them to avoid getting into a situation where the finance problem is too big to bear too. Unfortunately that means nagging!