Debit cards for children

[disney332]

Originally Posted by Blue nose

I agree that cashless is the way forward but in your example of being able to transfer them the cash for bus, lunch or essential purchase is because they've ran out of money.

Better the lesson that they've ran out and will need to learn to budget better rather than rely on parents to bail them out while it's small stuff and not monthly bills.

My DD is only just 12 so doesn't go anywhere really other than to see friends and only spends is birthday money.

DS is almost 15 and cash has worked really well so far. When he saved for a computer he really questioned himself on what he needed as it was 'real' money.

For us it also worked when he has £2.50 a day cash for school dinner. What he didn't spend he gave back (others would starve and save the money up) and now they are cashless he never over spends (other parents have to top up to £6/7 a day as they have no idea what they are spending).

We're all different and it's good to see what others do.

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From a different generation.

If its not in your pocket, you cant spend it.

As you say, times change, not always for the better I think.

Disney332

[novocastrian]

we got our daughter this when she started secondary

barclays/current-a...-bank-account/

juts turned 16 so can now use online banking to tx money etc etc

no idea why people pay to have accounts like go henry etc ?

[Disney Jo]

We got my DD an account with Barclays, she manages it and has the app on her phone. I pay her pocket money directly into it and any other extras.

If she goes out with friends/family she will use her card for lunch, sweets etc and then when back she shows me how much she has spent and I will top it back up - I usually pay her back the lunch cost but not sweets as I see that as a treat and she needs to spend her money on something lol.

[TheHughesCrew]

Originally Posted by Blue nose

I agree that cashless is the way forward but in your example of being able to transfer them the cash for bus, lunch or essential purchase is because they've ran out of money.

Better the lesson that they've ran out and will need to learn to budget better rather than rely on parents to bail them out while it's small stuff and not monthly bills.

My DD is only just 12 so doesn't go anywhere really other than to see friends and only spends is birthday money.

.

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Thanks for the advice!

However, I usually transfer bus fare more in the "I have to work later than expected and can't pick you up, I've transferred bus money to you" situation. It's not because they've run out of money.

And our 15yr old did similar; saved £650 to build his own PC. He kept a record of every penny. He was £1.50 short for one component, so did a couple of jobs to make it up. It was all purchased online, no cash ever changed hands, and I certainly don't want that much money in his wallet!

But yes, as you say, we're all different. It's good that they're learning how to manage money. I personally don't think that need to see or feel cash to do this though. And in actual fact, if they do get cash for birthdays etc, they usually give it to me and I put the money in their accounts. The money is still real.

[Bellasmummy]

Originally Posted by disney332

From a different generation.

If its not in your pocket, you cant spend it.

As you say, times change, not always for the better I think.

Disney332

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Both my sister and I grew up only using cash, once we got accounts with cards at 18, I was sensible and always managed my account, my sister just saw the card as free money and once able with overdraft and credit for into a lot of debt.

Card and account management is really important I think.

I have friends that still take out their wages in cash as they know once spent it’s gone! They’ve clearly never learnt to manage their spending if that’s what they have to do.

[disney332]

Originally Posted by Bellasmummy

Both my sister and I grew up only using cash, once we got accounts with cards at 18, I was sensible and always managed my account, my sister just saw the card as free money and once able with overdraft and credit for into a lot of debt.

Card and account management is really important I think.

I have friends that still take out their wages in cash as they know once spent it’s gone! They’ve clearly never learnt to manage their spending if that’s what they have to do.

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My Bank Account, is, and always will be, my pocket.

Disney332

[derenstar]

I believe most banks will allow children from the age of 11 to get a basic current account with a debit card. My eldest is 13 and has one with Nationwide who we have our main current account with. It is used purely for her to spend her pocket money (which she receives every month from us) and it's been great watching her mature in her approach to managing her money. She had a blow-out once when she was about 12 where she spent all her money when her aunt took her shopping. She spent the next few months building up her pocket money pot back up and has been very careful since.

My youngest at age 10 is too young for her own account so I opened another basic current account last year when more and more places were not accepting cash so that she could spend her pocket money. However, I keep hold of the card and she only uses it when either myself or her dad are with her. She will get her own account like her sister when she is 11. I have heard good things about Go Henry - my SIL uses it for my niece and nephew but I was put off by the monthly charge.

We maintain separate savings accounts for both children - a cash ISA (that we pay into regularly), a general access savings (where we deposit any money they receive for their birthdays and Christmas) and a Stocks and Shares ISA with Vanguard that was converted from their child trust fund accounts.

[Bellasmummy]

Well trying to speak to Halifax was a mission!

Eventually got through after twice being told they wouldn’t speak to me today - those automated call systems are so annoying!

My branch will apparently now phone me to make an appointment. Unfortunately the hours they’re open are less than school hours so no idea how I’m meant to take dd in with her id 🤷

I’ve seen online that Apple Pay is age 13 and up so doesn’t like like that’s an option for a while.