Wednesday, March 11, 2009
Financial Peace for Tweens and Teens (...and Moms and Dads!)
Today's economic downturn (or whatever term you want to insert here...) continues to provide additional "opportunities" for our family to reduce spending, increase saving, and help our children grow to become fiscally responsible adults. *SIGH*...not an easy task but certainly one well worth the undertaking!
Cameron, teen son, has secured a great part-time job assisting the facilities director at our church through the week, after school. He's gearing up to purchase a used car and save for college - so this is a huge contribution!
Kristen, tween daughter, has viewed all her fav Disney Channel and Nickelodeon stars "shop til they drop" with their parent's credit card and frequently inquires as to the status of her own.... *SIGH AGAIN!*
Hubby Ken and I are tag-teaming our efforts to work out a reasonable family budget given the mounting financial trials and tribulations here in the U.S. as well as globally.
We're working with our kids to help them see the value of a hardworking, well-spent dollar by clipping coupons, recycling, shopping with lists, and identifying the "WANTS" versus the "NEEDS". They're mildly interested but we can lose them if we get to intense.
Cameron is at a turning point as his teenage period draws to an end over these next few years. We have done some significant web crawling on financial literacy, and we were drawn to the Current by Discover Card and related web site. The Current Discover Card is for teens. The website provides great tools on discussion topics for families.
Discover Card developed this great debit card with kids ages 13-18. The Current Card helps us teach our kids how to manage spending by allowing parents to establish limits, block specific categories (i.e. ATMs, adult items) and track your teen's spending online or via email and text message alerts. The fail safe is that it's a debit card that will not exceed the total funds available so no overspending!
Check out the website for more information:
A teen card with grown-up benefits
* Easily add funds from a credit card or bank account
* No effect on you or your teen's credit
* $0 liability guarantee
* Set your teen's spending limits
* Restrict teen card use in unwanted shopping categories
* Your cash is safe if your teen card is lost
* Withdraw cash at ATMs
* Unique card designs
* Get exclusive discounts at your favorite merchants
* Disable teen card if lost, reactivate when found