I pretty much only use cash for buying things on FB marketplace, so the idea of giving my kids cash to teach them about responsible spending and value etc seems antiquated. But giving them a debit card seems too abstract. What are you all doing?
We have tried several reward systems, including rejigging the rewards and earning rules numerous times. But both us and the kids would frequently forget to award them. Then the kids would remember after 2 or 3 months and it would become a headache to try to assess.
So we’ve switched to debit cards with automatic allowance transfers. There’s also an option with the system we use to reward extra money for weekly chores, all done via the mobile app. It’s very convenient. Not least because the kids usually forget to do their chores, so they rarely earn the extra $s.
Additionally, the kids usually forget about their accounts/cards (despite frequently complaining when we say no to requests for treats or extra things). So their modest weekly allowances are gradually building up to a decent little nestegg.
But yeah, I hear ya about the concern about kids having debit cards too young. There has to be a certain level of financial awareness to really cope with them. Though the counterpoint to that is: such a mechanism helps get them to that better awareness.
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We have tried several reward systems, including rejigging the rewards and earning rules numerous times. But both us and the kids would frequently forget to award them. Then the kids would remember after 2 or 3 months and it would become a headache to try to assess.
So we’ve switched to debit cards with automatic allowance transfers. There’s also an option with the system we use to reward extra money for weekly chores, all done via the mobile app. It’s very convenient. Not least because the kids usually forget to do their chores, so they rarely earn the extra $s.
Additionally, the kids usually forget about their accounts/cards (despite frequently complaining when we say no to requests for treats or extra things). So their modest weekly allowances are gradually building up to a decent little nestegg.
But yeah, I hear ya about the concern about kids having debit cards too young. There has to be a certain level of financial awareness to really cope with them. Though the counterpoint to that is: such a mechanism helps get them to that better awareness.
Edit: fixed some autocorrect errors.