Helping kids look after their money

Helping kids look after their money

My older boys have been asking for debit cards for some time now. It seems to be the ultimate step into independence and away from childhood for them. They’re still my babies and still children, but I respect their urge to take on more adult ways of the world and learn some financial independence along the way.

I’ve looked into regular current accounts for them, they already have savings for driving lessons or university but they’ve never had an account they can access when ever they need. Yet whenever I knuckle down and look into it, so many things have got in the way, finding the time to make an appointment at the bank during school holidays being the main one, so when I stumbled upon the Osper debit card I naturally headed off to their website to learn more.

The bank accounts offering debit cards which we’d already looked into, only offered them from 11 years + so I was surprised to see Osper started at 8. Their tag line is Empowering Young People to manage their money responsibly. And that’s where it got me! right there with responsibly.

A debit card for children age 8 - 18

 

I’ve always tried to be careful with our finances and hope dearly to pass this on to our children. There have been lots of times they have desperately wanted to buy something but I have played the cruel to be kind card and refused to sub them, instead working out a way they can save enough, either through selling unwanted toys or games or by encouraging them  to do extra chores to earn it.

I don’t want my children learning from an early age about borrowing money and being in debt. I’d rather they saved, planned and took the time to shop around before diving straight in and parting with their cash. It’s taken some battles and cries of me being cruel but I don’t think there is ever a time to teach children to look after their money, or as my husband’s gran would say “look after the pennies and the pounds will look after themselves.”

So a card that helps empower them to carry on my financial ethos does it for me, and some. It’s a prepaid debit card which works alongside a mobile banking app for the family. You pre pay their card from your bank account (don’t fret, they have no access to top it up from their app) and they can track everything they’ve spent on the app. You can load it up using their allowance, which to me seems much better than giving them the cash each as this tends to be spent of silly little things, instead of saving it up. I’m also forever scooping change out of the tumble drier which has been left in pockets. Good for me but not for them!

With the app my boys were able to watch their money grown and once they’d found something they absolutely had to have, could use their cards to pay for it online or as my teenager did, draw it out of the ‘hole in the wall’ feeling very grown up and independent.

I especially liked the option to load up instant emergency money. Now the teenager is out and about on his own most weekends, there’s no danger now of him loosing his money and not being able to get the bus home or worse, lunch. You can also lock their card from the app should they loose it. (I give it 2 months before we’re doing this for either of them!)

So why am I sharing this snippet of pre parenting old with you? Well aside from it being good to share, Osper are offering a deal for a year’s free subscription and a free £5 top up. I’ve got nothing to gain from keeping that to myself. Simples!  Click here to see for yourself

 

Disclaimer

I received no payment for this post, there are links within the text which could result in an incentive for my recommendation.

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Mami 2 Five


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34 Comments

  1. 24th April 2015 / 10:42 am

    My little one is still a bit too young for a bank account but I have often wondered when he would be ready to be independent and manage his own money or allowance. I am going to look into Opser 🙂 #PoCoLo

    • 24th April 2015 / 7:18 pm

      My sons been asking for a card for ages, I hate using my card for their Google play & phone tops ups but they can do it themselves now. & think twice about spending their money now too.

  2. 24th April 2015 / 2:59 pm

    Thanks for bringing this to my attention! At 11 and 9 respectively, an arrangement like this may soon come in useful for my two children. #PoCoLo

    • 24th April 2015 / 7:16 pm

      You’re welcome, my boys are very proud of theirs and have even given me their money box savings to put on their cards.

  3. 24th April 2015 / 7:19 pm

    I stumbled upon them through reading another blog & signed straight up. They don’t seem to be out there enough hence why I shared my experience I’m sure lots more parents would like it.

  4. 25th April 2015 / 8:58 am

    My eldest (12) has started asking for an account for her pocket money recently so I’ll investigate this one. Maybe it will encourage her not to spend her money on the first day she receives it! #pocolo

  5. Mama, My Kid Doesn't Poop Rainbows
    26th April 2015 / 6:54 am

    Cool idea. I remember being so excited about my first debit card. I went into town one day, put money in and then immediately needed to take it out again. I didn’t realize you had to wait. The features on this sound better.

    #SundayStars

    • 1st May 2015 / 9:40 pm

      The boys feel so grown up with theirs. we had to take them to the bank to try them out then put it back in again!

  6. 26th April 2015 / 8:02 am

    This seems like a fantastic idea. I’ve not been as good as you with teaching the children good savings practice, but it’s never to late to start.
    My will soon be 13 and spends lots of time at the local skatepark with his scooter. He had money for food and parts that he might need. I would be great to give him this card so that money is not lost whist scooting and he can learn to budget himself.

    • 26th April 2015 / 10:38 am

      My eldest is 14 and that’s exactly the reason I’ve got him one. He’s lost his lunch money before so just being able to top up his card from my phone is a security measure I’ve taken.

  7. 26th April 2015 / 10:59 am

    Oh wow I love the sound of these guys. We’ve got another couple of years yet as my eldest is only just coming up to six, but I’ll definitely be storing it in the memory bank! Thanks for sharing honey xx

    • 26th April 2015 / 11:01 am

      You’re welcome, my chaps live there’s, it’s so reassuring knowing I can top up any time x

  8. Hannah
    26th April 2015 / 2:32 pm

    This sounds like a really good service, i must recommend it to my mum for my youngest brother. #sundaystars

    • 26th April 2015 / 4:39 pm

      It’s a recommendation from personal experience, my guys love it.

  9. 27th April 2015 / 8:24 am

    Both mine had accounts when they were little. I think it’s a great idea

    • 27th April 2015 / 2:05 pm

      I just wish we’d known about this sooner, that’s the great thing about reading other blogs though. Id never have found out about them otherwise.

  10. 27th April 2015 / 10:05 am

    Thanks for this post – I will look into this . Great tips #MagicMoments

  11. 27th April 2015 / 12:24 pm

    an interesting idea for teens gaining independence. #MagicMoments

    • 27th April 2015 / 2:00 pm

      I’m finding it’s making them more careful with what they spend their allowance in now.

  12. 27th April 2015 / 4:49 pm

    This looks really good, I’m like you in that I want to encourage a healthy financial attitude in my kids. I’ll be looking into this right away!

    Thanks for linking up with #SundayStars

  13. 27th April 2015 / 8:11 pm

    mine are too young at the moment but this does sound like a sensible idea for when they get to the right age!

  14. Megan - Truly Madly Kids
    27th April 2015 / 8:25 pm

    Vix daughter Scarlett has one of these – she loves it! #sundaystars

    • 1st May 2015 / 3:45 pm

      I think that’s where I first read about it, hope she got her recommendation bonus, I’m so grateful for stumbling on her blog otherwise I’d never have known about it. Hence why I thought I should share my experience. They’re fab!

  15. 28th April 2015 / 8:29 am

    A really good idea for older kids, it’s important to learn about money and how to save. I’ll probably try something like this when mine are older. Thank you! 🙂 x

    • 28th April 2015 / 9:23 am

      Most welcome, it was so easy to set up I thoroughly recommend it.

  16. Adventures of a Novice Mum
    29th April 2015 / 6:11 am

    What a brilliant idea though we won’t quality for many years. Financial education from a very early age is so vital and good on you to have saved so much already for them. And even more that you’re helping your boys to cultivate a savings instead of a debt attitude towards obtaining what they need and want! #PoCoLo

    • 1st May 2015 / 3:40 pm

      They love seeing their money grow on their phone apps, it’s a savings method thats really working for them as they don’t feel the need to spend it straight away like they do with cash.

  17. Joanna @mumbalance
    30th April 2015 / 10:30 pm

    It’s an interesting idea, however I do feel that 8 years olds and even 11 years old are a bit young to have debit cards. I think it will make it easier for them to understand the concept of money if they physically see them and touch them. I know I spend more if I have card on me, rather then when I am paying cash.
    #PoCoLo

    • 1st May 2015 / 3:25 pm

      I hear what you’re saying and agree, I just found that my boys were always loosing their money or spending it as soon as they got it yet with it going into an account and being able to see their balance growing the money wasn’t burning such a big hole in their pockets. I guess there are always going to be some who thrive in a virtual world and others who prefer a more traditional method.

I'd love to know what you think?