For several reasons, but first and foremost is that my little big spender finally understands that Money doesn’t grow on trees.
There have been many times he has called me and said … This card is stupid, it never works!
I then correct him, and say, Nooooo, you don’t work, so there’s nothing on the card!
The card is perfectly fine.
Another time he called me from school and the zipper broke on his backpack. Luckily his sister was picking him up and I was able to send money to his card instantly, so they could get one before I got home.
What’s really cool is it has sparked many conversations about what he spends his money on (mostly food) and we are both able to track it from our phones and the website.
I used to give him cash so he had money, but, he was never able to tell me “where the money went” now we both see how much he really does eat!
You can’t beat the fact that it’s free, no fees and is a great learning tool for any kid who is out in the market place with out mom/dad or cash in hand.
With summer coming you will have a great way to get money to your kids in case of an emergency, be able to track their spending and teach some great financial lessons at the same time!
Best of all if, your child is able to get a job over the summer, they can have direct deposit onto the card.
If they get a couple side jobs, and are paid by check they can use remote deposit without leaving the house!
And if they ever do need cash there are tons of free ATM’s.
As for allowance and odd jobs around the house the key is “Don’t send money to the card unless the work has been done!