How old were you when you were first given your debit card? Was it when you opened your first account in a bank? Or was it when you thought you needed one? Or did you get them right since childhood? Either way it would have been a very refreshing feeling using it for the very first time right?
But it's not that easy to say when it comes to children using those cards. This controversy has been going around for a while about whether children should use debit cards or not. Some people argue that they are too small and not wise enough to use the cards as it is a magical tool which yields money whenever they want. While some say it's good that they use these cards as they teach the kids a great deal about money usage. What are your views on this? Well, I think if you give them the right push in the right ways, they can learn a lot more than you might ever learn in your childhood.
If a kid is allowed to use debit cards only for expenses, there can be a lot of advantages:
Parents will be able to track their children's expenses anytime they want
Debit cards are safe to use and very less susceptible to theft
The children will learn about banking system through using these cards as the curiosity level in them will not let them rest
It also teaches them about managing money themselves without much hard work
They learn how to make important decisions when it comes to money
Budgeting and planning are two practical aspects of life they come across without noticing as they are the ones who are handling their accounts themselves
It instills into them a sense of financial responsibility which they realise while they grow
There are a bunch of dos and don'ts which should be taken into account while a kid uses cards:
They should know the limit of the amount they have for spending i.e. the upper limit of how much they account can hold at max.
They should track and plan their expenditures and try to implement that accordingly and make sure they don't end up spending more than the required amount of money.
Parents should make sure that the cards are merely a tool, which are used in place of cash pocket money, and not a license to spend however they feel like.
They should make a weekly expenditure limit so as to keep in check they are on track every time
If they are out of track anytime they should plan accordingly to make sure they end up right in track
Parents should be monitoring their children every time. They should ask their children to make a personalised passbook and keep track of transactions they do.
Parents play a vital role in this as they are the ones whose kids are using cards right? They can play practical games like banking etc with their children so that they understand how the system works in real life situations. They can reward them with various types of rewards by spending the money wisely and saving more.
Well it doesn't seem as vicious now as it seemed earlier if kids use cards right? It shouldn't be and it is not as hard to make a kid understand as it is hyped up. So I think that's all for now, but hey let's meet again with more informatives on
Cerebro kids .
BE, BMSCE, Bangalore
Shubham is currently pursuing a BE in IT and will graduate in 2022. Loves to learn and help others anytime anywhere. Believes in focussing on good things around.