Set a Debit Card for a Minor – The most important step in teaching your child how to manage money wisely is to be financially responsible yourself and manage your money wisely.
Children will learn best from your example because they are like little sponges who very quickly learn and absorb everything from their surroundings. So why not teach them from an early age about saving, investing and making money.
If you were wondering how to set up a debit card for a minor and nothing is clear to you because everything confuses you, you have come to the right place.
Explain to the Children where the Money Comes from
First of all, you have to explain to minors where the money comes from, that it is hard to earn and that it must be valued. Most children think of ATMs as magic boxes that always have money to give, but that’s not the case in practice, is it?
For children to understand what money is, how it works, and what it is for, you will have to be a little creative.
You can think of it as a game, because children learn best through games. For example, you can play that way to sell fruit or to work in a bank where you try to bring the real world closer to them through a game like Monopoly.
Therefore, to make your children financially independent and responsible adults, the first step is to create a debit card for minors.
How to set a Debit Card for a Minor?
Debit cards are a great thing for your children, they learn how to be financially independent, how to invest, spend, and save, but also how to perform various tasks to reach the goal.
The goal is set by the parent and the child together, the child can even borrow money from the parent, but also donate everything under the supervision of the parent.
It is important to teach children not to be burdened with money and to be socially sensitive.
How to make a Debit Card for Minor?
Making this type of card is quite simple. Some providers offer the option to download their app and sign up from there, while some offer you to sign up online immediately.
What Information do you Need to Provide for this Type of Card for Minors?
- With many service providers, there is a certain age limit from which a minor can have a debit card. For some, there is no age limit or it is not specified, while for some it goes from 6 years and up.
- When you have chosen which card you will make, it is time to provide your and your child’s personal information, such as name, place, and date of birth. Do not forget to specify the address where you want the card to arrive.
- Once the card arrives at your home address, it’s time to activate it using the mobile app specific to your chosen juvenile debit card.
- With some providers, you will have to pay a certain fee or they may even ask you to pay a deposit to activate the card.
- Now you are ready to create an account, where you will set goals for your child from spending limits, savings, investments, and donations.
- A parent transfers money to their child’s account and thus charges the card, there is a daily spending limit, as well as the possibility of blocking transactions with certain companies and brands.
Together with the child, the parent sets various activities and obligations, goals and rewards, as well as penalty points if the children do not satisfy.
Through household chores and curricular and extracurricular activities, children get points, as well as money, which they can spend, invest or donate later with the approval of their parents.
Encourage the Children to Sell Objects with their Friends
Encourage your children to sell items they make themselves with their friends, such as bracelets, paintings, flower bouquets, homemade lemonade together with their peers. The boys can help the neighbors mow the grass, take out the garbage, shovel snow or walk the dogs. In this way, children learn how to cooperate, share, but also work hard together.
