Are you in a dilemma of whether to acquire a debit card for your child or not? If yes, you are exactly in the right direction because every caring parent have their children at heart. Some questions you might be asking yourself include:
• What most probable age to give my child a debit card?
• How will I train my child money matters?
• How do I monitor the spending habit of my children?
• How do I make my children account for their spending?
Whereas these and many questions occurs in every parent’s mind, Professionals such as Teton pines Financial (https://www.tetonpinesfinancial.com/) are ready to answer every question that revolves around finances. If you can train your child as early as possible management of finance through elaborate ways, you will be giving him an early skill of becoming financially independent.
Why should you give your child a debit card?
Every parent is always worried that children are irresponsible when it comes to money issues. As this might be the case, children will always be asking for money to take care of their bills. Giving them a credit card gives you a responsibility to easily monitor and understand your child’s spending habits. Some reason why it is beneficial when your child acquires a credit card includes the following.
• A debit card is safer than cash
• Accessibility to cash is easier
• It gives your kid a chance to learn money management
• There is the convenience of debit cards
What you need to know
It has recently been a great deal in pushing financial literacy in schools, which is yet to pick a pace. This leaves the parents with the responsibility of instilling these ideas in the children’s lifestyle. What every parent should understand includes:
Understanding the downside of debit cards
Before going for that debit card for your children, you should first understand that:
• Debit cards have limited fraud protection, especially among the youths
• Your kid might be tempted to spend more than the usual
• Additional responsibility to manage cards
Teach money management first
Before you can give your child a debit card, you should first take time to teach them some basic money management skills. Kids Should first learn the balance of saving, not just spending. If your kid can first learn some basic principles, they will be responsible for the virtual money.
Filter the parameters
Every child has his/her learning curve; some children can learn and get responsible at an early age. While considering this aspect, ensure your kids are financial responsive by how they manage cash they use before transferring them to virtual money. Also, while shopping for debit cards, be keen to ensure the parental controls are instilled.
Engage professionals
Financial management is not an easy task, and that is why you need an expert who can guide you by offering some of the best strategies to handle your financial situation. Make a move today and contact us for viable financial solutions.