Question

Hi TBM Family, I am seeking advise. I have a beautiful 14 year old daughter, that for the past 1 1/2 years I have let me use my credit card (she keeps with her) for when things "come up. " Examples of things coming up: meals after Bible study with friends, meeting friends at local burger place, going on outing with friends to Starbucks, etc. I work full time, so often she is leaving when I am not at home. She has been extremely responsible with this cc. She always asks before she uses it and lets me know the approximate amount. My phone also alerts me to charges. But I am trying to stop using credit cards. What should I do? Get her her own account with a debit card (available at my credit Union)? Make her her own cash envelopes? Not sure what the best route would be.  

Answer 1

I would get her her own account with a debit card. And start teaching her financial responsibility now. She's old enough and sounds like she's mature enough to handle that responsibility.  

Answer 2

Great job mom! Sounds like you have a great young lady too!  

Answer 3

It’s time to get her own account and let her help pay for it too! Time to show her your budget and help her understand what your goals are ! The younger the better ! Good luck  

Answer 4

I give my 16 yr old $10 every Friday morning. With the potential to earn additional money if he wants to help with chores around the house.  

Answer 5

Visa gift card

Answer 6

I would set up an account at the bank for her. There are the pre-loaded cards that she can use that are just like a debit card. Perhaps give her a set amount every two weeks like a paycheck and work with her to learn how to manage it. Once the money runs out, the money is out until “next payday. ”

Answer 7

Time for her own account! Let her budget an amount you can put in it every month. That way she can learn to budget also!  

Answer 8

A reloadable giftcard . like the Visa ones. Unless you wanna open an account at your bank for her and give the allowance in there would be easier then tryin to reload/transferfunds.  

Answer 9

Prepaid card available from CVS Walmart

Answer 10

My son is 10 and has his own debit card . him seeing me budget has him thinking that cash is king  

Answer 11

I had my own account whne I turned 14 and started working. It was awesome to be able to deposit my checks and watch my money growm

Answer 12

I use greenlight for my kids. They have a debit card and I move cash on it as needed. I budget their spending money.  

Answer 13

I got my daughter the paypal card. I send her money and she gets it in minutes.  

Answer 14

What a great little lady you have there! Amazing job mama. I agree that she’s ready for her own account with a debit card. ❤️

Comments

@examen Teresa thank you!  

Answer 15

My teens have their own teen checking accounts with debit cards. When they need money, they text me and then I transfer it to them. When we start getting low in a budget category, I let them know ahead of time.  

Comments

@thurber ditto

Answer 16

I started my son on a Visa gift card for exactly that sort of thing when he was in 7th grade. When he turned 17, he asked to start his own checking account. He’s been super responsible with both.  

Answer 17

I do cash with my kids. it stays on my desk and they get 30. 00 a month ( what I can afford with four of them) they need cash they tell me and I let them get it and keep track. once it’s gone it’s gone

Answer 18

Greenlight for sure!  

Answer 19

My daughter has a debit card linked to our bank account and she has to get an okay to use it at all, for gas, etc.  

Answer 20

I did a Capital One 360 debit card for my daughter. I transfer $ when needed

Answer 21

My daughter has a high school account linked to my chase account I can add cash to it instantly but she has no access to my account. I add her envelope money to that as a “cashless” envelope for her use.  

Answer 22

My daughter has my cashapp card for emergencies, we share the account for starbucks. So I reload and get stars when she goes with friends (and plans her starbucks with friends on Thursdays for happy hour to save money) and I tell her to keep small amounts of cash on her so that she doesn't spend more then she wants to on accident.  

Answer 23

I think debit card is best. I opened a checking account for my daughter when she was her age and every month I’d transfer $100. Whenever she went under $25 I’d give her a warning to slow down. She’d lose cash too easily

Answer 24

I have Greenlight for my daughter

Answer 25

FamZoo has been great!  

Answer 26

We have a Greenlight card for our daughter and love it. It is very convenient and I can load more money on it instantly.  

Answer 27

I just got our oldest daughter(13) a capital one money account. I can set up a monthly allowance payment and help her with saving goals and she accrues interest on the money like a saving account.  

Answer 28

My daughter has my venmo card. We’ve had no trouble! She generally uses cash but she is the oldest of 3 and she will leave school with friends goes to events and such and sometimes our paths don’t cross. I just don’t ever want her to be in a situation where she can’t get to some money. She has never misused it.  

Answer 29

Venmo ! All the way !  

Answer 30

Most banks and credit unions have a prepaid account to eliminate the risk of overdraws. I would say it depends on how nature she is. I had my first checking acct at 14, and did fine. But debit cards didn’t exist then. If she mature enough, get her a checking and teach her (you’ll still be a joint owner and can monitor). If she’s not mature enough, get a prepaid account.  

Answer 31

I used to work in banking, am a father of two, and have lived through the change of currency to plastic/internet/smart everything boom. My personal feeling and experience is that young ones need to first learn tangible/analog before convenience. If they are introduced to the easiest route and rely on it before they have an understanding of how the bucket first fills up, there is potential danger in their perception of money, value, work, and dependence values. Since opinion was asked here is mine: cash that is intended just as you do it. Maybe a food and miscellaneous amount per pay period/week (sounds like this is given and not earned or allowance). Keep it realistic and open to increase if she does extra chores or something. She sounds responsible which is already a great reflexes of you, so when it comes to finance and the danger of debt at young ages, keep the learning transparent and valid. She will better be able to make decisions that are huge in the future because of it. Even though you are in control of the card and keep tabs on it. “Free Reign”, can be risky for her financial development because there is experience and discipline she is missing in the big picture of how money enters our lives. She is at the perfect age to begin learning more about it though  

Answer 32

Get her a debit card and separate account and transfer money weekly or each check and that’s her allowances it’s gone it’s gone or she can earn it by chores. Or give her old fashioned cash allowance

Answer 33

Give her a monthly allowance on a account on het name with a debit card. In the beginning you can review it with her.  

Answer 34

You can also get her a prepaid card. You will just have to watch the balance on it so you can replenish when necessary.  

Answer 35

DR says to put your kids to work to earn money, pay them weekly, example 5 tasks earning $5 first $2 goes to tithe second two goes to saving last goes to spending, my child is 9 and has not earned her $5 completely for a week yet, but she tries, I’m guessing that your daughter could earn more a week, also it helps them learn house responsibilities, he also said teens need a $500 emergency fund

Answer 36

I would like to see how she is spending the money so I would do a debit card

Answer 37

Prepaid debit card!  

Answer 38

I signed up my daughter with her own credit union debit card account. It's linked to where I can easily put funds into her account as needed. (I give her an allowance and funds for buying groceries for school lunches. ) Did it originally to help her learn about budgeting, but it's nice for things like that and since you want to get rid of credit cards would be a nice transition to where she still has access to that if she needs it, but you can set the limits.  

Answer 39

Set amount of cash per month or a prepaid card. Either would work.  

Answer 40

I think some banks have prepaid debits cards you can add money to.