This year I’ve started giving my eight year old daughter an allowance. She certainly understands the value of a dollar and she’s looking for all sorts of ways to save for an iTouch that she desperately wants. She was so excited to announce to me on Sunday that she had $29 in her purse which she was taking with us to the store. Of course my first response was to tell her to put it away as I had visions of the purse getting lost like the lost gloves, sweatshirt and other various items that have already been misplaced this year.
So, how do I let her have the responsibility of “managing her money” without her losing it all? I never had considered a pre-paid debit/credit card for her but now I love the idea since I heard about BillMyParents (www.billmyparents.com).
If she loses the card it can be easily replaced without worry about her losing the money. I also love that I can load her allowance right onto it since it’s $9.00 per week and I never have the exact amount to give her. For my 20 year-old step daughter we’ve given her one in case of emergencies while she’s at college. Even if all of the money is depleted, if she’s ever in an accident or needs emergency funds I can load them on day or night.
Not only is this a great way for my daughter to keep her money safe but she can go on the site herself and track how she’s spending her money which is really giving her a great idea of how fast it can go!
Alison Rhodes is the founder of Safety Mom Enterprises and Safety Mom Solutions, the premier baby proofing and child safety company in the New York, New Jersey and Connecticut area. Alison is a family safety expert, TV personality and consultant.