Comments on: A Debit Card for a 10-Year Old? http://allfinancialmatters.com/2006/02/15/a-debit-card-for-a-10-year-old/ A personal finance blog dedicated to discussing such topics as budgeting, asset allocation, 401K, IRA, cash flow, insurance, financial planning, portfolio management, and other areas in personal finance. Fri, 20 Nov 2009 19:56:44 -0800 http://wordpress.org/?v=abc hourly 1 By: Tom Graneau Sr. http://allfinancialmatters.com/2006/02/15/a-debit-card-for-a-10-year-old/comment-page-1/#comment-3135 Tom Graneau Sr. Thu, 20 Apr 2006 16:59:34 +0000 http://www.allthingsfinancialblog.com/?p=405#comment-3135 Way to go, JLP! I did a similar thing with my two children who are now adults. Their mother and I taught them how to save and spend their own money (weekly allowances). When they made unwise decisions with spending, they suffered the consequences by missing out on other privileges. To say the least, they learned from their mistakes. Another thing: we taught our children from young how to be self-sufficient. We started preparing them from 10 years old to be on their own. By the time they were 19, they had fulltime jobs, their own apartments, and paying for everything. Additionally, they paid their way through college with little or no help from us. Today, both of them are college graduates and have big dreams for the future. Looking back on things, they both have admitted that they appreciate the way we raised them and will do the same with their children. Way to go, JLP! I did a similar thing with my two children who are now adults. Their mother and I taught them how to save and spend their own money (weekly allowances). When they made unwise decisions with spending, they suffered the consequences by missing out on other privileges. To say the least, they learned from their mistakes.

Another thing: we taught our children from young how to be self-sufficient. We started preparing them from 10 years old to be on their own. By the time they were 19, they had fulltime jobs, their own apartments, and paying for everything. Additionally, they paid their way through college with little or no help from us.

Today, both of them are college graduates and have big dreams for the future.

Looking back on things, they both have admitted that they appreciate the way we raised them and will do the same with their children.

]]> By: fivecentnickel.com http://allfinancialmatters.com/2006/02/15/a-debit-card-for-a-10-year-old/comment-page-1/#comment-1730 fivecentnickel.com Wed, 15 Feb 2006 21:35:55 +0000 http://www.allthingsfinancialblog.com/?p=405#comment-1730 We use a similar system, although we ultimately decided to fold short term in with spending. That way they have to decide to save for bigger items on their own, and they learn the downside of blowing their spending money. It's worked great. Our oldest actually saved enough of his 'spending' money for a Nintendo DS -- not an easy thing for an eight year old to do (it took months and months of not dipping into his spending money). But he learned A LOT about the value of saving. And he did it all willingly (i.e., there was no 'short term' savings stipulation to help him alnog). We use a similar system, although we ultimately decided to fold short term in with spending. That way they have to decide to save for bigger items on their own, and they learn the downside of blowing their spending money. It’s worked great. Our oldest actually saved enough of his ’spending’ money for a Nintendo DS — not an easy thing for an eight year old to do (it took months and months of not dipping into his spending money). But he learned A LOT about the value of saving. And he did it all willingly (i.e., there was no ’short term’ savings stipulation to help him alnog).

]]> By: » Faux Debit Cards for Kids on Blueprint for Financial Prosperity http://allfinancialmatters.com/2006/02/15/a-debit-card-for-a-10-year-old/comment-page-1/#comment-1728 » Faux Debit Cards for Kids on Blueprint for Financial Prosperity Wed, 15 Feb 2006 20:56:14 +0000 http://www.allthingsfinancialblog.com/?p=405#comment-1728 [...] I saw a post over at AllThingsFinancial about giving a 10 year old a debit card and I thought in principle it’s a good idea, in practice though it could be a disaster. The article itself is about JLP’s allowance policy and how he believes it’s more important to teach kids about real money instead of plastic (I agree) but I think that education on credit does have it’s at an early age. It’s important to make the link between a credit/debit card and real cash, that is they should be treated as one and the same. Why not give your child a faux debit card, instead of a real one that they can lose, that acts like a real credit or debit card? Feel free to use my MS Paint debit card below as a starting point. [...] [...] I saw a post over at AllThingsFinancial about giving a 10 year old a debit card and I thought in principle it’s a good idea, in practice though it could be a disaster. The article itself is about JLP’s allowance policy and how he believes it’s more important to teach kids about real money instead of plastic (I agree) but I think that education on credit does have it’s at an early age. It’s important to make the link between a credit/debit card and real cash, that is they should be treated as one and the same. Why not give your child a faux debit card, instead of a real one that they can lose, that acts like a real credit or debit card? Feel free to use my MS Paint debit card below as a starting point. [...]

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