wenrob
DIS Veteran
- Joined
- Apr 14, 2008
My kids have Savings accounts at our credit union so we just opened checking accounts. They have to have an adult on them so I am on the accounts and could monitor if/when needed. I had them put the app on their phones and taught them how to navigate it. From the get go I instilled in them the habit of checking their balances and taught them about pending balances. Our credit union will cover with Savings if there is an overdraft but it’s never come to that. In fact they had me hide their Savings from view so they aren’t dependent on that. We have never had an issue and they’ve become pretty adept at managing their own money. I stopped checking on them after the first couple of months.
I looked into the independent debit cards and I felt they were too restrictive and IMO had too much of a safety net. It was me managing their money not them.
As far as using the physical card I don’t think they ever have. I set them up with Apple Pay from the beginning and they use their phone. I realized a few months ago that I should probably teach them how to tap/slide a card.
Several people have said to add to a credit card they need to be 18. Not true, it varies by card. Quite a few are 13 and up. I have my kids on my Apple Card for emergencies but I personally would not give a credit card for daily use. I want them to see/feel the impact of spending their own money and budget accordingly.
I looked into the independent debit cards and I felt they were too restrictive and IMO had too much of a safety net. It was me managing their money not them.
As far as using the physical card I don’t think they ever have. I set them up with Apple Pay from the beginning and they use their phone. I realized a few months ago that I should probably teach them how to tap/slide a card.
Several people have said to add to a credit card they need to be 18. Not true, it varies by card. Quite a few are 13 and up. I have my kids on my Apple Card for emergencies but I personally would not give a credit card for daily use. I want them to see/feel the impact of spending their own money and budget accordingly.