But, as a parent, it’s also our duty to prepare them for life on their own. And, one of the most important responsibilities is to teach them basic, financial skills. That means planning and controlling their spending and living within their (and your) means.
Now, a new company has come up with an ingenious way to help your teenager develop financial management skills and responsibilities, and at the same time, save you a ton of hassle and heartache.
The company, BillMyParents.com, has launched a pre-paid MasterCard Debit Card specifically for teenagers. The card gives a limited amount of responsibility to the teenager, while allowing parents to effectively monitor their kids spending and maintain complete peace of mind.
The pre-paid MasterCard Debit Card from BillMyParents provides most everything a checking account provides, but also, much more. In fact, it works just like a checking account. You can easily make deposits into your account, including regular direct deposits. And, deposits are FDIC insured, just as with an old-fashioned bank account.
There are no credit checks required, and no credit risks involved in the use of the card. In fact, it’s a lot safer than giving your kids cash because it comes with the protections of a lost bank card, meaning purchases may be covered up to a certain amount if they lose the card or it gets stolen.
Most importantly, as a parent, it offers you a way to maintain strict spending limits.
The card is easily loadable, and many parents simply transfer their child’s allowance automatically to the card at the start of each month. You can instantly lock and unlock the card, and also allow family and friends to load it when giving the kids gifts and the like.
The card can be used anywhere a Debit MasterCard is accepted, from Starbucks to the local movie theater, to clothing stores and gas stations. It can also be used to withdraw cash at virtually any ATM or bank.
But, best of all, the BillMyParents account provides you with complete visibility to where, when, and how your teenager is spending money. The reporting is easy to use and review with your child.
Right now, BillMyParents is setting up new accounts without any monthly fees for the first month. And, after the first month, the BillMyParents card still comes with lower fees than other bank cards.
If you are ready to start working with your child on financial responsibility, and giving them a little financial freedom, then the BillMyParents program is definitely worth checking out.
Click here to see just how quick and easy it is to sign up and get going.
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