According to parents experiences, children tend to act more like adults when they are 10 or 11 years old. They usually imitate their parents’ or older siblings behaviours. That age is often when they think about being more independent and like to spend more time with their friends. They might even come to you asking when they can have their own card. You probably are aware of some UK banks’ rules and regulations. Most of them won’t allow children under 11 to have their own account. If you are a worried parent struggling with whether to provide your kids with a prepaid card or not, this blog is a complete guide for you! It needs a lot of time and consideration to let them pass the cash and piggy bank stage and move forward to cards and online accounts! There are some signs of a ready kid for a prepaid debit card helping parents who are still sitting on the fence and can’t make up their minds. But before going any further, let’s get to know prepaid debit cards for kids a little more.
Prepaid Cards for Kids. How Does it Work?
As you might know, prepaid debit cards are different from debit cards. Usually, the parent’s main account is responsible for funding prepaid debit cards. You can instantly transfer money to the card and enjoy a convenient experience doing everything online. These cards can be controlled with mobile apps with two different and divided versions for kids and parents for better supervision. However, if you’ve decided it’s the right time for your kids to have a prepaid debit card, consider using YounGo. The YounGo Money app can provide you with a broader range of features and choices. In just #2 simple steps, you are ready to kick-start your financial journey with the YounGo app. All you need to do is open an account and install our app. Simply set up chores, rewards and spending rules and monitor your child’s spending. Also, there are no fees or overdrafts. Now that you know more about prepaid debit cards for kids and safe and secured ways to control their spending, you should also learn the signs of a prepared child taking the first steps of financial independence.
#5 Noticeable Signs Showing Your Child Is Ready for a Prepaid Card
Are They Showing Interest in Money?!
Any parent can certainly feel any minor change in their children. In this case, it’s obvious when your kids begin to care about money and understand the role it plays in our life. As soon as these changes start, you should “make sure to” teach them some money basics, such as “how to spend wisely or how to” be” a savvy shopper. A prepaid card and their connected mobile apps such as YounGo Money can help children have a better understanding of money and realize how investing, saving, and spending work.
Are They Asking you for Cash or your Card?
As we mentioned earlier, young teenagers like to be more independent. They may constantly ask you for money to buy their friends a birthday present or to have enough cash in their pocket when they spend an evening with their classmates. The worst reaction here would be giving them more money or handing them your card. That way, they’ll never learn how to manage their money and track their spending.
Are They Getting More Responsible?
It’s easy to find out when your kids are ready for more serious duties. They may volunteer to look after their little siblings for some extra money or take better care of what they own, like their books, toys, etc. A responsible kid can be ready to have more financial freedom.
Are They Earning Money?
Whether it’s their pocket money, part-time job income, or chore reward, you should think about a safe place to keep their money. Piggy banks may work for small amounts or when they were younger and didn’t care about investing and saving. But once they start making money, it’s necessary to help them open a bank account. Read more about chores and payments here.
Do They Need Money to Achieve their Goals?
You might have heard them talking about buying a new iPad, gaming consoles, or fashionable jackets. That’s the most suitable time to sit them down and help them set a saving goal. Having bank accounts and YounGo Money apps can help them throughout this process.
Giving your children the financial independence they like and a prepaid debit card might seem like a tough row to hoe. However, paying attention to the signs we mentioned above can help you make a logical decision. In addition to the signals you might receive from your kids, we’ve also spotted some clues in parents indicating it’s about time for a prepaid debit card!
#3 Signs Showing You are Ready to Give Your Child a Prepaid Card
Are You Looking for a Meaningful Gift for Kids?
From a certain age, we can’t make our children happy with toys or some random video games. Children will expect more personal gifts from their family and friends when they “begin to figure out their personalities. Prepaid cards and some extra funds you transfer for their birthday can be the perfect present. Not only they’ll learn money lessons, but they also can buy what they like with that money.
Do You Want to Track and Control their Spending?
These cards enable kids to set spending goals, purchase the items they like, etc. However, all of the features we mentioned happen under parents’ supervision.
Chore Reward with a Prepaid Card
Prepaid debit cards and money controlling apps like YounGo can be the best replacement for pocket money. You can add chores and set payment for each. That can be a great way to help children take the first steps of earning money.
Based on the signs we mentioned, you can decide when is the perfect time for your kids to have a prepaid debit card. Remember, giving them money and freedom doesn’t mean leaving them on their own”. You still have to have control over their spending and budgeting and help them deeply understand the concept of saving and investing.