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re: Ex wife is getting my pre-teen a debit card.
Posted on 10/31/23 at 10:52 am to LemmyLives
Posted on 10/31/23 at 10:52 am to LemmyLives
quote:
The issue is more the thought that because the card is in hand, there is money
Again, it's the same as cash. If there is no money in the account, the card will be declined. This is not like a credit card.
1
Posted on 10/31/23 at 11:54 am to Bjorn Cyborg
quote:
Again, it's the same as cash. If there is no money in the account, the card will be declined. This is not like a credit card.
Credit card is even better. I can set a monthly limit on a credit card.
Debit cards will allow you to go over what is in the bank and then charge you insane fees that also hurt your credit.
But to OP - this is not a big deal. Start teaching your kids about money now.
Posted on 10/31/23 at 12:04 pm to LemmyLives
quote:
I brought him to my place and he noticed a Bentley in the garage
quote:
That's a level of materialism nobody in my family has ever experienced
So you want your son to not be material, but you have a Bentley. Kids is gonna need therapy.
Posted on 10/31/23 at 1:01 pm to LemmyLives
quote:
the impact of buying stuff with real money is psychologically different than using a card.
True but the future is actually going to be fully virtual before long. Everybody will have everything they need on their phone. We basically there now just not fully adopted yet.
Posted on 10/31/23 at 2:05 pm to LemmyLives
We set our teenage daughter up with a Greenlight account. It links directly to our bank account so I can send money as needed. At first, I would send her gas/spending money whenever. Recently, I've started giving her a set amount 2x a month. Makes her budget and prioritize her spending. She is about to start working this month, so I need to see if Greenlight can handle direct deposit.
Posted on 10/31/23 at 2:52 pm to tigergal918
quote:
We set our teenage daughter up with a Greenlight account. It links directly to our bank account so I can send money as needed. At first, I would send her gas/spending money whenever. Recently, I've started giving her a set amount 2x a month. Makes her budget and prioritize her spending. She is about to start working this month, so I need to see if Greenlight can handle direct deposit.
Just unsolicited advice from a dad that has done it with Greenlight - once they start working and earning money, switch them to something like the Fidelity Green Account and stop paying the fees with Greenlight.
Greenlight is great for the pre-teen crowd, but when they are 13, there are way better options.
Posted on 10/31/23 at 2:54 pm to LemmyLives
Definitely not the end of the world. My kids have had them for a few years now and it's actually pretty helpful with tracking their spending with them all being linked to my USAA account we can transfer money instantly to and from as needed.
Posted on 10/31/23 at 3:02 pm to anc
quote:
Just unsolicited advice from a dad that has done it with Greenlight - once they start working and earning money, switch them to something like the Fidelity Green Account and stop paying the fees with Greenlight.
Greenlight is great for the pre-teen crowd, but when they are 13, there are way better options.
I have a 6th grader with a Greenlight card. We'll eventually change to something else, but it's great right now. We live in a very walkable town so he and his buddies often stop at a little market on the way home a couple times a week.
I show him what he has in his account every week and walk through what he needs to do to get his full allowance. There are things he can do that get money taken away too. Their app makes it really easy to transfer money in and out of his account.
I have a debit account set up and I put a portion of his weekly allowance into a Vanguard ETF and show him how that works.
Posted on 10/31/23 at 3:06 pm to LemmyLives
Ex-Wives be Ex-wiving.....Mine did this crap with my daughter a few years ago by giving her a smart phone without consulting with me. She was 10-11 yrs old then.
Posted on 10/31/23 at 3:11 pm to tigerfoot
quote:
Didnt someone buy a Bentley
Whoops, in my parking garage, not *my* garage. It for sure wasn't mine.
Posted on 11/2/23 at 8:29 am to LemmyLives
Debit cards for kids sounds like the sign of the times, a rite of passage thing. Women defiantly keep the economy moving. For many people using them is too convenient. However some places are going cash less. By the time your off spring is your age I bet most places will be cash less.
Posted on 11/2/23 at 1:04 pm to LemmyLives
All parents do this now, it cost kids $17.00 to eat at chick -fil-a.
No kid needs to walk around with a pocket full of cash.
My teen has a FIRST CHASE Debit Card, I can add money when needed.
No kid needs to walk around with a pocket full of cash.
My teen has a FIRST CHASE Debit Card, I can add money when needed.
Posted on 11/2/23 at 7:18 pm to LemmyLives
quote:No idea what this means.
I don't want him to learn millennial habits, though.
Posted on 11/3/23 at 8:45 am to SloaneRanger
quote:
Does a debit card have the same protections as a credit card if it is fraudulently used?
My understanding it does not, but in this case it’s prolly not a significant amount of money at risk and as other posters have pointed out it’s not something that could cause debt accumulation.
I don’t see the harm, but my teen had a CC before she had a checking account. We don’t use debit cards for anything than the bank atm.
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