We forewarned our girls that this Christmas was not going to be a big one. The Rooster had changed jobs halfway thru the year and my business was slower than last year. Even if that hadn’t been the case, when we saw the 13 YOs “list” it made us do a double take and realized that these kids needed a severe reality check. I’ve made the comment many times that there is NOT an M.D. behind my name. Sorry for the harsh truth kids, but we are not rolling in the dough.
Here were the items on M’s list:
After a final trip to the mall where we were hit every 5 minutes with “can we get” “can we buy” “can I have”, the Rooster and I decided that enough was enough and that the only way she was ever going to get it, was to put her in charge of her money once and for all and get her a debit card. I admit we’re half-ass when it comes to paying out allowance but we also pay for cell phone, activities, etc. We discussed it and realized that we need to commit to paying her but that instead of cash, it was going to be paid to her on a debit card.
I started looking around and what I found is that those things are a ripoff! How can I possibly teach her smart money moves when I’m looking at these kind of fees. Here are a couple that I looked at:
Guess which one I went with? I already have PayPal for both personal and work so it’s going to be easy for me to manage it with her, easy to load money on it – it can be automatically done and there are NO FEES. How much better can that be? One of the cool features that I didn’t know about until writing this is that another feature is that if she runs out of money, she can send a text to PayPal to request more. I will then get a text message from PayPal asking if I want to transfer the money and can reply with a simple yes or no. The money is then piped into the account within two minutes.
I’m looking forward to see how this pans out for all of us. To date, she’s already mentally spent 5X the amount that we loaded on it
Have you tried this method with any of your kids?