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Teach Your Teen Budgeting Skills with a Prepaid Debit Card


Kaiku prepaid debit cards for under 18, as well as other prepaid debit cards that are specifically designed for minors, are a great choice if you're looking for a secure, convenient, and "realistic" approach to teaching your teenager about handling money. The majority of teenagers are simply interested in spending money (preferably yours), and even if they're working part-time, they might not give much thought to just how much work goes into earning a paycheck. Budgeting skills are not necessarily acquired naturally, so do your teenager a good service and consider setting them up with a prepaid card.

Prepaid debit cards for teens are a better choice than cash because you, as the parent, will be able to keep tabs on what your teen is doing with the card. Together you can create a budget, determine how the card will be funded (you can add funds via bank transfers, direct deposit, and sometimes in-store reloading with cash), and give your teen ideas on how to best manage the money. Work on prioritizing needs over wants, such as by requiring your teen to pay a portion of the family cell phone plan, and recommending that they purchase their own clothes and school supplies before deciding to go to a concert or buy a bunch of video games.

Today's prepaid debit cards offer the ability to reload in person, over the phone, through the mail, and even online. Online accounts for both teens and their parents means it's easy to check in on funds and transactions, and monitor balances as well as create and tweak budgets. And with many smartphone apps available, on-the-go banking with a prepaid card is also a useful function to take advantage of.
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11 comments :

  1. I totally agree with this approach! Now my son made a little money from being a referee at soccer games, he wanted to spend faster than he could earn!

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    1. wow! I can remember when Dustin wanted to referee. We bought the outfit and then he decided not to do it. Anyway, it is hard to not want to spend your first hard earn dollars.

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  2. prepaid debit cards indeed are a good idea to teach teens how to budget

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    Replies
    1. I think it is a great way to carry money around, it is a lot more convenient than change.

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  3. This is a good idea to teach kids about money. Taking with kids about the prioritizing needs is also good. Someday they will know the mechanism of economy in the house or state.

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    Replies
    1. It's never too early to start the conversation, but it is hard to remember to do everything.

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  4. It is a good idea to start teaching our kids about the value of the money at the early age. After they grow up they will have less trouble planning and distributing their own money. I agree that a card is a better choice because it is check-able while cash is not.

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    Replies
    1. That's a good point! I see it more of something that will help reiterate later in life.

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  5. Both of my nephews had their debit cards but their parents were so naive and giving that they didn't even check what those two are doing with that money. Instead of paying directly in the shops they were cashing out and paying in the cash. Some things, like money, are not meant for teenagers. They are just not responsible enough.

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    Replies
    1. That would defeat the purpose then. LOL. Those boys were sneaky. I guess you can't not monitor money with teenagers.

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  6. I love that parents have these options.
    I would definitely use this with my children.

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