If your children are getting to the age where they will want to go out into the world and hang out with their friends around town, buying snacks and clothes and other fun items, it might be time for you to think about opening a bank account for them and getting them a debit card.
The reason why debit cards can be so valuable to kids is because they give children a sense of independence and maturity while also allowing you to keep an eye on their spending habits and what they are actually purchasing.
If you are thinking about getting your children a debit card for kids, here are some top reasons that should convince you! Click here!
They will teach them financial responsibility
Even before you open a checking account for your child, chances are good they are used to getting weekly or monthly allowances or getting paid for chores that they do around the house. The reason why opening a debit card for your child is such a good idea is because that new account can serve as a sort of grown-up piggy bank. Give your child access to their account so they can see how much money they have and they will start to learn that saving money over time will lead to far more financial freedom.
You can set a spending limit or set up spending alerts
In the past, you may have given your child a card of yours so that they can go to the movies or some similar fun outing only to find that they used it to buy just about anything you can buy at the theater! That can lead to a pretty uncomfortable conversation once you pick them up from the theater or take a look at your monthly statement.
With a debit card that you ultimately control, you can set up a spending limit or spending alerts so that the card will be momentarily deactivated if your child tries to spend too much money. That way, you can stop frivolous spending before it is too late.
Helps them get used to the idea that using plastic is not magic
Even adults get into financial trouble using credit cards because they are able to fool themselves into thinking that they are not really spending money, or that they will simply pay it back later. Getting a debit card for your child will help them understand that just because they are swiping a card and not using cash does not mean that they are not spending money. This will help you prepare them for the world ahead when they eventually do open a credit card account of their very own.
From this quick breakdown, chances are good you already see just how valuable getting a debit card is for your children. Now all you have to do is find out which card is right for your kid and take the steps to get one!