Some children are able to handle decision-making skills from an early age, however others may need guidance. It’s better for children to learn from their mistakes under their parent’s control, where slight hiccups can be treated as a lesson. Give your child a head start on learning to be conscious about their money spending and saving habits.
Why Give Kids a Debit Card?
There comes a time when children need to take a more hands-on role in making purchases at a store. A debit card can be the key method to guiding children to explore the basics of finances. Such as by tracking expenses, monthly spending using their own allowance and chore earnings. As well as understanding the difference between their wants and needs. Eventually, this makes kids interested in the topic of budgeting and finances. By being aware of their own purchase choices they will have a better understanding of what things should cost and the value of looking for items on sale.
Moving from cash to a debit card to a credit card is a process. It’s not uncommon for a number of kids to lack the knowledge of how to save money. With parents who look after their every purchase, kids move onto becoming teenagers unaware of how much things cost and how to handle money. By choosing to make a digital leap, parents can discuss spending and saving to kids, which leads to them becoming more conscious of their money spending habits. It also gives them the opportunity to grasp the concept from an early age. Financial responsibility has to be taught in order to build a solid foundation of financial knowledge. That way when they are ready to live on their own, they will be able to reach a level of financial wellness.
What Age to Give Kids a Debit Card?
Ultimately, the choice to give a child a debit card is a personal decision. It is between the parents’ judgement and the child’s maturity. By learning money management skills from a young age, kids are able to move forward in society with the basics of modern banking. They practice simple electronic banking before entering the globalized economy. Our intention at SpendSafe is to introduce a child-friendly debit card to teach kids about budgeting money. Banks will traditionally offer a normal bank account, however SpendSafe kids debit card features work with the whole family. If taught from a young age on proper spending habits, they will make positive long-term life decisions.
SpendSafe has designed a debit card for kids, managed by parents. There is no hassle when going cashless, it’s even viewed as the easiest method to teach your kids real-world lessons on financial responsibility. With the convenience of one app, parents can manage the money together with their child. Kids may have the freedom to spend, but they will be under parental supervision with features like spending limits. The best method to learn about your child’s spending habits is to see where their allowance or chore earnings are going. Parents are encouraged to be part of this platform, as kids are taught by actions.
Read more about SpendSafe debit card and find out how we help parents introduce children to managing money in the 21st century safely.