My wife is keen to teach or daughter the concept of virtual money via a prepaid debit card (for pocket money and to start saving up for things). She suggested Spriggy which sounds like a great concept to me. There’s just one thing, it costs $30/year… I know that there are lots of other options for prepaid debit cards which cost less (eg AusPost) but the Spriggy app seems great (managing how the money can be spent, setting up saving goals etc). Are there similar concepts that are less expensive? It’s especially the annual fee that I don’t like, don’t mind to be charged a one off fee up front.
Prepaid Debit Card for 7 Year Old
bozbargain on 09/10/2017 - 20:44
Comments
Just add one of your cards to your daughters iPhone to use Apple Pay. What could possibly go wrong?
Teach her that money comes from going to work not from tapping a card
Or op could give his daughter money for chores. Simple ones. Just to give her an idea how money is earned.
She is 7, correct. Kids have had piggy banks for ages, they learn that they can earn money by doing certain chores or tasks. So far we all seem to agree. She ‘gets’ money as in coins but why stop here? What’s wrong with also teaching them the concept of what’s behind plastic cards, that an ATM is not an infinite money supply? What better way is there to show that you indeed have to ‘work’ for something before you can tap a card?
You could get her a Sportsbet account and teach her about the evils of gambling. Honey if this horsey doesn’t win, we will have to remortgage Barbies dream house and Ken will have to start driving an Uber.
Sportsbet have an optional EFTPOS card option linked to your cash balance. It’s not a bad idea actually.
Why not just extend her school bank account to have debit mastercard? I'm pretty sure Commbank still do fee free banking for under 18 year olds. Spriggy sounds fun, but sitting down with her and explaining banking yourself, and instilling your financial values along with the lessons sounds like a better plan. Real banking, real parenting, real smart little kid.
credit card? Apple Pay? IPhone? …a 7 yr old??? WTF!>!>?? kids don't run with bicycles, sell lemonade, go on a slide or a swing..?!?!
Thanks Stormii, that’s something I’ll look into. I don’t like the idea of a business having her personal details on file though since she’s only 7. At this age, I much prefer the anonymity (for her) of a well-managed debit card (unregistered or in my name).
I got my first bank account at age 5. What is the downside to having her details with the bank? She'll have to do a lot more when she learns to drive, votes, or gets a job.
My bank account is only 4 months younger than me…
You should be able to set up any normal account in your name with a card and no fees (eg ING) and just keep her money in there?
She is 7. Cheaper to get her one of those reject shop money tins.