Introducing Direct Debits early

As most of us have been using bank accounts and Direct Debit collection for years, it’s easy to take their advantages for granted, but if your children are on the brink of opening bank accounts to start paying their own ways (or more likely, saving for those trainers they just can’t do without) it’s a good time to introduce them to the advantages of paying via Direct Debits. After all, it’s never too early to learn to control your finances.

If your almost-adult is thinking about earning their own money and saving it somewhere, then that’s a great start, and if they’re going to take responsibility for paying bills such as their mobile phone bills, or paying for their own items once they have a little money coming in, then understanding about how Direct Debits work and how they can make things easier will place them one step ahead… just think how savvy they’ll need to be at uni in a few years.

Talk them through how to set up a Debit using internet banking, as no doubt seeing just how easy the procedure is will make them more likely to make use of the scheme when they start to take more responsibility for their own outgoings. It’s a good idea to point out that they have an alternative to paying out for items in one lump sum, as Direct Debits enable them to make smaller, regular payments on a chosen date that suits them.

Even if they’re not earning a large amount at the moment, learning the skill of managing money is one of the most valuable ones older children can grasp as they step into the world of managing their own finances, and introducing Direct Debit as an option can help to make the prospect far less daunting.