I have a teen son and a pre-teen girl and they both love to spend money, especially my money. There’s always a need of some sort. They “need” new shoes, money to meet a friend at the movies or for the sports game concession stand. It is always something and before I know it, I go to buy a coffee and I have no money, I have given it all to them! Which is why our family started using the Current debit card for teen and parents back in July. It was time to curb the spending and help the kids learn about earning money, saving money and giving money to charity. When it is my money, they spend it much quicker than when they have done yard work and earned the money themselves.
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There are other debit cards on the market for teens and parents but I chose the Current debit card for these reasons:
- It’s only $3 a month per teen account – very affordable. (3 Months Free for G&CM Subscribers – Sign Up Below)
- I can set up chores for them to earn money.
- I can choose to give them an allowance – which isn’t something we currently do but I like the option.
- I can limit the amount of money they can spend and categories they cannot spend money on (airline tickets, hotels, etc.).
- Using the Current App I can transfer money from my Current Account to their accounts.
- The Current App lets us all track the spending, giving and saving.
- I can encourage savings by automating all spending to round-up and go to their savings fund
- I can pause the card if needed.
- My teen and pre-teen can request money if needed, which is very helpful when I am traveling or they are with their sitter or my neighbor.
The pro’s we have found over the last four months using the Current Debit Card include:
- Fewer requests for money, my teen and pre-teen check their Current accounts to see what they have to spend or how they can earn money.
- They ask to earn money to increase their account balances for more spending freedom. Example: My daughter wanted new name brand shoes so she asked what she could do to earn them and we added new chores to her account to encourage her to work for them. She did!
- My son has been able to buy online for specialized items without having to pay me back.
- I can leave town for work and have confidence knowing I can transfer money from afar, should the kids.
- The kids, especially my pre-teen daughter, have learned how quickly her money goes. She loves to throw stuff in the cart but is learning to budget and it is not easy!
- I don’t always have to have cash on hand, this is a life saver for me. When my daughter goes to cheer, I can have her pay with her Current card.
- Both my teen and pre-teen have learned how to use a debit card, the chip, put in a pin number and sign for a purchase, something nobody ever taught me.
Here is a great example of how my pre-teen daughter and I utilized the Current Card for holiday shopping. She wanted to decorate her bedroom for the holidays but I did not want to pay for it. She had money she had earned and used it, learning how quickly you can go over budget. Watch the video here.
Disclaimer: I’ve partnered with Current.com to share my story and I’ve been compensated for my time. I’ve been using Current.com since July with no compensation. My opinions are my own. I only share stories, brand and experiences that are authentic.
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