Would you consider giving your teen a prepaid card instead of cash?
Teens seem to have things they want to buy...ok, many things! As parents, we want to give our children money but, also want to balance that with building responsibility and also ensuring security (has your teen ever lost the cash you gave them?!). Would you consider giving your teen a prepaid card instead of cash? Why or why not?
Please tell us what you think. We want to know!
Yes (78.2%)
No (21.8%)
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I think a ore-loaded card is fine to give to them to use.
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We did this when our son went on a band trip to NY...all the kids did it and it worked out great! Everyday we would get updates by email so we knew exactly how much money he had and could keep him updated by text too. He also loved it. He wasn't flashing cash around and it could easily be canceled if lost.
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I like the idea, my daughter is only 8. its a good way to track spending, and there's nothing out there she can't buy with one, except for maybe things she shouldn't be buying anyway... *ahem wink wink* yeah
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My daughter would love it. Any gift card is her favourite gift, and to have that feeling of control over her money is a good lesson.
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Ever since they came out with prepaid cards for gifting and otherwise, I have found them advantageous for gift giving. Not only that but it empowers the younger people to be in control of their spending and the little ones, think it's cool to have a credit card. = 0
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Gift cards and pre-paid cards are a great way to help tweens and teens manage money. This is a favorite in our home. My daughter is always asking for book store cards and such. It also teaches them lessons in managing money, most important the use of a credit card. However, they don't have to pay a balance like we do. My daughter has really learned how to manage money in whatever form.
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I give pre-paid visa cards to my children once they learn to count money in school, usually around 2nd or 3rd grade. At the beginning of each month I transfer their allowance to their card and give them a "receipt" so they know the deposit is made. They each have a check register book to help them keep track of their money. My two oldest have actually opened their own savings account and withdraw money from their cards and deposit into their savings each month. I believe it has helped them learn where their money is going instead of cash just disappearing. Pre-paid cards are an excellent idea in my book. :D
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Teaching my nieces to start life debt-free, and remain that way, can be pretty tough in today's environment. When they have cash it seems to hurt a bit to spend it, therefore they value it more. I'd prefer they don't think it's cool to have a credit card. Gift cards are often fun, but many have outrageous inactivity fees which quickly erode their value if not used quickly.
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It seems like the only way to teach appropriate spending limits without constantly nagging.
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It would be easier to keep up because it's compact - kids seem to lose dollars and coins.
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