Teenagers and Debit Cards?

Yes or No? That would be a resounding YES!!! We have a 13 and 14 year old in the house (18 months apart). This summer my daughter was asking again for a phone. I asked how was she going to pay for it. She said I could work for you. Then it hit me…okay I could work with this. I have become their personal ATM for the last couple of years–clothes, movies, eat outs, socializing with friends….it was getting out of control. We struck a deal….$5 an hour, and she pays for anything she wants to buy/do. Okay, now we are talking. The first 1/2 hr of the day is to tidy up their rooms and common areas. Then they can do laundry, dishes, floors, landscaping, pool, bathrooms, organizing closets, office filing, paperwork, anything I want/need done they are there to do.
We started with my daughter who is actually younger but more ambitious on this project since she wanted a phone. We went to the bank. She had to set up a checking account, which a student checking account is free for 5 years and then as long as you have 10 transactions per month it continues to be free. We needed her social security number and I had to be put on the account as well since she is a minor. They allowed her to get a debit card with her name on it(big deal to a teenager). We also set it up so that she would be declined if she didn’t have the money to cover the expense.
How does it work, we got the bank app all set up on all our phones. I have each of their checking accounts along with my own. They only have their account on their screen and no transferring. I can instantly move money from one account to another. It is amazing!!! They can work and bam, it is there.
Well guess what…..the kids are making wiser financial decisions. They no longer want to stop at Taco Bell….because I ask, are you buying? Response: “No, let’s go home and we can make something”. My daughter wants(not needs a new swim suit), I say sure you are buying. Is it worth say 7 hours worth of work, for a $35 suit? NO, well then I guess you can make due with what you have. Do you want to buy the decent mechanical pencils or the fancy ones? I will give you the money for decent ones, do you want to pay the difference? NO!! Okay, the regular ones it is. And every month on the phone bill date, I pull $30 from each account.

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~ by debt2dreams on July 4, 2018.

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