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Using Debit Cards Between the ages of 13 and 19, these youngsters have huge buying and spending power. This consumer group, on average, spends about $5,000 each per year. Provided by Mom and Dad is much of that funding. For school shopping, you may send your daughters to the mall or you may have a child who just can’t seem to keep away from the video arcades. By mowing lawns, baby-sitting or with part time jobs, it is their money to spend because they’ve earned it. This age group’s spending habits will not serve them well in just a few years which places them at a real risk. If you’ve had a child go off to college, he or she has been offered credit cards and that I can guarantee. Lenders do target college kids for seemingly attractive credit card offers and many of them do sign up. They, unfortunately, may not have the financial savvy or experience to understand what they are getting into. More than ever, today is important to educate your children about the use and abuse of credit. I was very concerned when I first heard about parents actually encouraging the use of debit cards. To build a foundation of financial literacy, a parent-controlled use of debit cards might be just what you and your child need. Although debit cards look like credit cards the similarity should end there. Your student can charge on up to the credit limit of the card on the very day the card is received with credit cards. To pay for goods and services but only up the balance on the card at any particular time, a debit card can be used like a credit card. So, you can fund that amount monthly and know that your child can’t use up next month’s rent this month simply because it’s not available to him if you and your student have agreed on a particular allowance from home for various expenses.
Valuable Lessons I’ve Learned About Funds
A checking account is what debit cards actually work like if you think about it. Rejected is the card when there is no more balance on the card. Into a checking account, parents don’t have to make a mad dash at lunch to put money, which would take a couple of days to clear. On a regular basis, they can set up deposits to a debit card, and those amounts do appear on time on the debit card balance. Parents can breathe a sigh of relief because this really is a good tool for you and your young spenders.Services – Getting Started & Next Steps

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