By JLP | July 24, 2009
Remember back in December when I wrote about how I was rethinking my kids’ allowances? Well, it’s been a little over six months since we opened youth cash cards for our kids and I thought it would be good to give you an update.
So far, so good!
Not every bank offers youth cash cards. We bank with Wells Fargo and they offer them (unfortunately, I did a search on Wells Fargo’s website and didn’t find much information so you’ll probably need to speak to a banker).
Our boys love them. They don’t have to worry about cash. They can take their cards with them wherever they go and use them just like a debit card. Several of the merchants we have gone to have made comments about the kids using a debit card, which I thought was kind of cool. A couple of them wouldn’t accept the cards because they were suspicious of the fact that they were kids. But, for the most part, I would say this has been a success.
I set up my account to automatically deposit their allowances on the 1st of every month. It forces the boys to budget their money, which I think is a good thing.
One frustrating aspect was the fact that the boys weren’t very good at keeping track of their balances and were always asking me to check them for them (they don’t have web access). I showed them how to keep track of their balance in a journal and they did pretty good with that. Then I figured out that they could check their balance over the phone and showed them how to do that.
I get their statements sent to me once a month so they know that I or their mother will see everything they spend. I also have access to their accounts through my online account. The boys don’t have access to their accounts online, which is okay with me.
Anyway, for those of you looking for a solution to giving kids cash in a cashless society, I would recommend you look into getting them a youth cash card.