Being the parents, you must be fully aware that there will be a time when your child has to use the debits and credits cards on their own. So, why should you not let them build a habit of using these cards today? The question that bugs most parents is that when is the right time to hand over a Spendsafe Debit Card to the child? If you are thinking over the same issue, then you should take a look at the following section of this article. It would help you to come to the right decision about handing over the card to your child.
The Age Factor
As we have already discussed, most parents consider the age of a child before giving debit or credit cards to them. While age can be an important factor, it is surely not everything. The financial consultants think that the need if the child should be considered instead of age. Most of the time the kids use piggy banks to save money because it does not understand the concept of a debit card as a mode of payment.
It is the duty of the parents to make the child understand about the usage of a debit card so that he or she can decide whether they require a payment card to deal with their essential spending.
Most of the time, the kids do not understand the effectiveness of debit or credit cards. However, as they do not have the practice of using debit cards or credit cards on their own, they can make bigger mistakes in the future. Building a habit of using the debit and credit cards while the child is under your supervision is a great way to make sure that they do not land into any trouble in the future.
Even if you do not give your child a Spendsafe Debit Card up to a certain age, you should teach them the value of money by offering some small jobs. However, remember the age of the children while telling them about the debit card or money management. Use simple examples to make the child understand different matters about money. Make it a daily habit of talking about the financials to make sure that your children are developing the right idea about money before handing them the card.
To give a debit card to your child, you must open an account with the name of your kid. Before handing the card down to them, make sure that they clearly understand the concept of maintaining the security measures while using the card. You should also make your kids aware of the money practices that they never should do before handing down the debit card to them.
Even though handing a credit card over to your kids can be one of the most positive steps that you could have taken, there are many negative repercussions that you should consider. While the credit cards will help the child to create a credit score for them, you should make sure that they are truly ready to take the responsibility of the credit card.
You should tell your child that the credit card offers the money as a loan and it is the child’s responsibility to return that money within the stipulated time to avoid any interest. If you are sure that your children understand this concept clearly, only then you should hand over the card to them.
How to Understand Whether Your Kids are Truly Ready?
You should not blindly follow the example of others when it comes to giving your child a Spendsafe Debit Card. Instead, you should think that every child is unique and takes their own time to grow up. You should keep tabs on the signals that your child is offering to make sure whether he or she is ready for the responsibility.
Importance of Savings
The children do not understand the concept of saving and spending every dollar that comes to their hand immediately. This makes it one of the easiest signs that tell you that your child is ready to take up the responsibility.
Notice if your child is saving some portion of your allowance or spending it all. If your child checks the price of the items before buying them, it is another sign that they understand the purchase options and are being able to make better financial decisions. This is the right time for you to introduce your child with the debit card .
Responsible with their Valuables
It is yet another sign that your child is ready to take the responsibility that comes with the debit or the credit cards. If the child is showing responsibility while handling other valuables, then they are ready for the debit card.
Now that you know that there is no age barrier that you should maintain while handing your child over the Spendsafe Debit Card, you should make the decision. But, before that, make sure to check whether your child has become matured enough to handle the responsibility of the cards.