The average middle-class household spends about $225K to raise their kids from 0-18. That’s a whole lotta cash. But at some point your kids will start earning their own money, whether from an allowance, paper route, babysitting or other part-time job. And with earning comes spending. But they need to learn how to manage their money.
If it seems like every time you turn around you’re reaching into your wallet to give your kid a little cash then the Bill My Parents SpendSmart card is the perfect solution.
It’s basically a pre-paid debit card that also works at ATMs and lets you fund it the from your credit card or bank account. You can add money in on a weekly or monthly basis, or just as needed for her desperate quest for the perfect pair of jeans. You get notified when purchases are made and, because it’s a debit card she can’t spend more than she has, which not only teaches her to make better financial decisions, but also doesn’t risk her credit rating.
It’s taken everywhere Mastercard is accepted and there is a nominal monthly, reload and ATM fee. Best of all, if it ever gets stolen or you see that she’s shopping like a Kardashian you can shut down that card faster than you can say, “OMG!”
So teach your kids how to spend responsibly and keep them out of your wallet.
{ 1 comment }
I love the idea of Bill my Parents Smart card!
When kids have to lay the $$$$ for the things that they will die if they don’t have NOW! they tend to be more stingy with the allowance quickly