Get Credit Cards for Kids to Teach Them About Credit
One of the most important and sadly most difficult jobs that you have as a parent is needing to teach your kids important life lessons that may seem like second nature to you by now. It’s sometimes easy to forget that a lot of the things we know aren’t something that people are born with and your kids will need to be taught those things. One of those valuable lessons is teaching kids financial stability and how to handle money. We’ll be discussing that today, specifically using certain tools such as a kid debit card to teach them far faster and easier than you would be able to do without their aid. We hope your parental arsenal for teaching will have improved after reading this text.
Why is it important?
It’s common knowledge that kids learn and absorb knowledge at an accelerated rate when they’re younger. This doesn’t mean that it’s not possible to teach them finances at an older age, you’ll actually end up doing a lot of teaching at older ages as well since it’s a large and extensive topic, but it will save you a lot of effort later on if you start early and teach them the basics while using tools that will make that job easier.
Getting started nice and early, making the lessons interesting, and giving them your trust is an excellent recipe for having a smart, responsible and trustworthy child later down the line. If you missed the early years to do this then don’t worry, it will be a little bit harder to do, but it’s by no means impossible and we believe you should still attempt it as it’s one of the most important things that your kids will need to learn before they’re able to become self-sufficient later in life.
Why cards for kids?
You may be wondering why this is the specific tool we’re considering and not something else. Sure, there are other options and they can be used alongside cards to great success, but we think it’s clear which tool will generally be taking the spotlight due to its efficacy. Not only is it an incredible learning tool but it also allows you to make your children happy by giving them independence which is what most kids and teens want and it can greatly help their mental health.
If you’re afraid to give them independence then don’t worry as debit cards for kids have incredible safety and control features which allow you to control pretty much everything done with them, while still seeming to your child as if they are completely independent in its use. It’s an excellent middle ground that provides good safety while not being too overbearing so that the kids don’t find it to be a pain in the neck and stop using it.
Just as we needed to learn how to use coins and paper money when we were younger the same is true today, but as contactless payments and credit card use increase it’s important that kids understand how they’re used as well and of course all of their perks, dangers, upsides, and downsides. As the times change so must the lessons and finances can’t escape this inevitability no matter how much some wish that it could be done.
Anything else I need to know?
We’ve covered the most important aspects but there are a few other things that we believe you should know before you run off and get all of your kids debit cards so that they can more easily learn how to handle money without risking their safety, mental health, or wellbeing. Let’s cover them quickly.
The prices range quite a bit between different cards but for the most part, they’re relatively cheap, with most costing less than 15 dollars per month and a lot of them being on the cheaper end of that. It’s also worth noting that while all the cards have apps, not all of them are created equal. Some have extra learning tools in them, others have investment opportunities for kids and a lot of them have the ability to automatically pay your kids once they complete chores, homework, or other tasks you’ve given them.