Should i get my daughter a a visa card?

Question

my daughter receives an allowance of ten dollars every 15 days and she either cant keep track of it or spends it as soon as she gets it. this happened with my other daughter so i got her a visa card and i put 20 dollars on it every 15 days and she got better she was 13 when i gave it to her. my daughter is going to be 12 in the late winter and i don't know if shes to young but i t would help her learn about saving money or should i give her one.

Answer 1

No you should learn the value of a dollar and the art of saving wich are both important skills in life

Answer 2

No.

Answer 3

I think giving your daughters cards with savings earlier on in life is a great idea! They learn the value of money at a younger age and will show in their spending and saving habits later in life.

Maybe you could start by giving her the cash as you did in the first place with your first daughter and see how she goes - some people are more committed to saving than others. If it doesn't work then you have the visa alternative.  

Answer 4

No, the visa card makes spending more convenient, on-line and in the store too. Kids do not see it as money, they just see it as free stuff.

Instead of the Visa debit card, open a bank savings account under her own name and explain it to her how interest earning works. Then let her watch her money grow every month...

If she wants to buy something, she would have to go to the bank, make a withdrawal - this is the perfect solution to prevent impulse purchases.

Best of luck!

Answer 5

sure if you want to do that, no harm, it's a secured credit card so she can't go crazy and buy the store out.  if she is really bad with money when something happens and she wants to borrow extra money from you.  if you give it to her put it on the card and then next time allowance rolls around take off what she owes plus a little intrest (not much 2% or something) so that she will learn what it is to keep track of money and have to pay back what you borrow and such.

Answer 6

Many, many parents use prepaid cards for that very purpose: teaching children about finances and how to use cards. One of the more valuable lessons it teaches is "not" using a credit card when you don't have the ability to pay for what you purchase.

You can see your situation is listed in the Number One spot in the article below.

Answer 7

If you do get her a visa card, it should be a *prepaid* visa card.

A debit card is probably better, as it only lets her spend the money she has.

Answer 8

I think u should so ur daughter will appreciate u and will always love u.

Answer 9

well...chances are she might go crazy and start spending, spending, spending.. but i guess it just depends on her personality :)

maybe you could try it and learn the hard way..? haha.