Thanks Technology: You Let Me Mange My Money Even Though I’m Only 12

It’s hard enough being so young and trying to manage money. Bank/investment accounts can’t be opened without a parent/legal adult. Trips to the bank are impossible without a driver’s license. Some credit unions won’t issue a debit card in a minor’s name. It’s almost a constant hassle.

But it’d be an even bigger hassle without technology. Here are some ways it helps:

Online banking lets me see all my transactions almost as soon as they occur. No need to drive to the bank – and that’s important when you’re 15 and don’t live in a city.

Similarly, I never would have known how to open a Roth IRA without the Internet. My parents invest for retirement through their workplaces. They probably wouldn’t know where a teenager could invest either.

Taxes. When you’re 16 working a summer job, you don’t need a Certified Public Accountant (CPA) to handle your taxes. I can do my own with TurboTax or Taxact.com for free with no complicated Internal Revenue Service (IRS) documents to fill out.

The biggest benefit to technology is the anonymity. No computer ever asks “Are you sure you’re old enough to be doing this?” But even 18 year olds can face condescending attitudes from bankers. Walk into a bank and try to get a small business loan at 18 and I’m sure they won’t make the process easy for you.

Of course, technology hasn’t made personal finance entirely without its problems. ING Direct will let a minor log in to view account balances, but they won’t let them transfer money. To do that, I had to log in as my dad. Not a big deal since he doesn’t bank with ING – I simply used “his” log in as “mine”. Still, it was an extra step.

How does technology help you manage your money, even if you’re old…er than me?

*I’m actually 18.