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Do you need help teaching your kids about personal finance and responsible spending habits?
Part of the reason why so many adults get overwhelmed by credit card debt is because they never learned how to use them responsibly when they were younger. Now, there’s a credit card which helps young people learn how to build good credit card habits.
The PAYjr Visa Buxx Card is basically a prepaid card which allows money to be loaded onto the card for spending purposes. But this card is structured so that teens can actually “earn” that money.
The card’s account is set up so that money can be transferred from a parent’s bank account to the PAYjr card whenever certain goals are met (like completing chores, getting good grades, etc.).
Cardholders and their parents can go online to see schedules or calendars which are designed to help them monitor the teens’ progress.
And both parents and kids can receive text or email alerts when the card is used, making it easier to track balances and account activity.
Ideally, this card will teach teens the proper ways to use credit cards and prepare them for a lifetime of responsible debt management.
Still, it will be up to you as parents to help your children to learn responsible management of personal finance. This includes minimizes debts, saving money, and other sacrifices necessary to stay of debt and build wealth.