Spriggy kids debit card

Discussion in 'Money Management & Banking' started by Simon Hampel, 29th Jul, 2019.

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  1. Simon Hampel

    Simon Hampel Founder Staff Member

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    I just came across Spriggy | Pocket Money. Updated. - a VISA debit card for kids with an app and tools to manage spending and pocketmoney etc.

    Spriggy builds important money habits in an environment where practical financial skills are rare to come by. Our prepaid card and purpose-built mobile app help teach 6-17 year olds vital earning, saving and spending skills with real world practice.​

    Pricing is $30 per year per child (with no extra fees except for replacement cards and overseas transactions).

    Anyone have any experiences with this for their kids?

    What ages is it ideal for? Do kids need their own phone for this to be useful?
     
  2. Paul@PFI

    [email protected] Tax Accounting + SMSF Business Plus Member

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    Doesnt a debit card teach them how to spend ??
     
  3. Simon Hampel

    Simon Hampel Founder Staff Member

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    I think the point is to teach them how to manage their money - how to control their spending.

    It'd a debit card, so they can't spend more than they have in the bank.
     
  4. SatayKing

    SatayKing Well-Known Member

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    That's more like it!

    It does appear to be a good concept though. Hopefully, they will learn if they have spent all their money it'll be no good coming to Mum and Dad for more as the response is likely to be "Learn to budget."
     
  5. Simon Hampel

    Simon Hampel Founder Staff Member

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    We pay our kids (7yo & 10yo) $5 per week pocket money: $2.50 goes directly into their savings account (which they aren't allowed to touch without a really good reason), $2 they get for spending money and 50c gets put aside for donations.

    The $2 per week spending money is theirs to spend on whatever they like (about the only mandatory thing is buying a birthday present for each other) - and once it's gone, it's gone - no top ups from us.

    Indeed, at first it was difficult because we naturally wanted to tell our kids not to waste money, so don't use it to buy pancakes from the school canteen or hot chips on the way home from school - but then, I also want them to make the mistake of spending all their money on frivolous things so that they realise how quickly it can disappear.

    My son doesn't do too badly - he saves his spending money to buy computer games on Steam and waits until they come out on sale.

    I think while they are young, it's good to let them hold actual cash - money can be difficult for kids to conceptualise otherwise. But as they get older, it would be useful to allow them to use a debit card instead of having to carry cash around - even if just from a practicality point of view.

    Using a debit card as an (older) kid is still a useful learning exercise - they can't just go and tap their card and expect the payment to go through - they need to keep track of how much is in their account and make sure they've budgeted for things they plan to spend money on.
     
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  6. SatayKing

    SatayKing Well-Known Member

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    And probably view the transactions on a regular basis to make sure the account hasn't been compromised. It happened to a child ( a 10 yo) of a couple I know. Saved the details on a website I believe and it got hacked. Apparently it was a couple of hundred dollars taken before the kid twigged something was up and all because they only looked at the balance and not the actual transactions. It never crossed the child's mind it could happen.
     
  7. inertia

    inertia Well-Known Member

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    I like the look of the app - being able to allocate money for a specific savings goal, move money on to the card for spending, etc, but $30 per year per kid is a bit steep for me.

    Oh, and the savings dont earn interest. Big downer there.

    Cheers,
    Inertia.
     
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  8. qak

    qak Well-Known Member

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    My son wanted this, but we opted for a CBA Youthsaver (gets bonus interest if you meet the conditions) and a Smart Access EFTPOS card. His pocket money ($1/year of age) gets split 1/3 into card and 2/3 into savings.

    The only time he's "missed out" (not really!) is when he couldn't use the vending machines on the railway station as they do need to be visa/MC apparently.
     
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  9. Otie

    Otie Well-Known Member

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    I looked into Spriggy but it had terrible reviews- money not hitting when it should have been etc. I also went with the CBA youth saver for my tweens. We all have the app, I transfer their pocket money in on the rare occasion they earn any (when they actually do their jobs). Its good because I used to pay them in cash which they honestly would never spend because they could hardly use it anywhere they wanted to eg: playstation store/ eBay etc. Then if they are ever out with someone other than me I don't have to go to the atm to get cash out for movies or skating or anything like that, just transfer to them. They check their app to check their balances etc. I can set spend limits and change them from my app at any time and I can also lock/unlock the cards. Mine actually use them in their apple wallets in their phones, don't think they have ever really even used the plastic card anywhere!
     
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  10. skater

    skater Capitalist -- www.skatepro.com.au

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    Everybody used to say I was a tighta$$, yet my kids got a lot more than that.:p Sorry, I can't help with the debit card...but...

    At ages 8 & 10, my kids were working part-time at our skating rink. They earnt $5 per hour, the same as any other junior we employed. They only got half of it, as the other half went into savings that they weren't allowed to touch until age 18. They were allowed to spend it however they wanted BUT it was necessary for them to learn how to budget because although we provided all their NEEDS, they had to buy everything else they wanted. I clearly remember many heated arguments with @Lil Skater that she NEEDED new clothes, movie tickets, computer games etc. NO, you need food, basic clothing, school clothing, school expenses, and a roof over your head. All of which she got. She would get birthday & christmas presents, but she had to budget & buy anything else herself.
     
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  11. Propin

    Propin Well-Known Member

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    Both my kids had the Com Youthsaver.

    They are both doing ok. I used to put $2/month into it so they’d get the bonus interest.

    At 15 my son bought a car with his savings and converted it into a race car.

    At 18 my daughter bought herself a nice car outright and a year later had a deposit for her first home.

    They both really think hard if something is worth it before buying. I think the bonus interest got them into this habit.
     
  12. MRO

    MRO Well-Known Member

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    We use Spriggy. Pretty happy with it. I think the $30 is worth it. I can see what my son spends, transfer money instantly, give him a list of jobs he can work through and tick off on the app to get more money. I can also instantly stop the spending on it too. I think it can be linked to a paypal or other account to allow online purchases.
     
  13. PandS

    PandS Well-Known Member

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    get them a CBA saving account get a debit card with it their CBA app is pretty good with that sort of tracking money in and out and what you spend on
     
  14. Lil Skater

    Lil Skater Well-Known Member Business Member

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    Used to say? I still do, and you are.. but the system worked for you guys ;)

    In my defense I was a teenager that just wanted to be popular. Older and wiser me realises that all of that was irrelevant. Hind sight.

    In terms of Spriggy, I've heard of it and it may be something we look into when B is a little older. He's about to turn 7, but I think it could be good when he's older and going out with friends. I don't carry cash, so being able to transfer it and track it appeals to me because it's easier.

    For now though B doesn't really earn pocket money, but he has jobs he's expected to do which I don't feel he should earn $ for. Simple house keeping and learning responsibility for his things, we tried pocket money a while back but I think he was too young to appreciate it. For now he gets money from the tooth fairy and other sources which he can spend, sometimes I will buy things if he doesn't have his money with him and then will have him pay me back as a way of showing that things come at a cost.
     
  15. geoffw

    geoffw Moderator Staff Member

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    "B", son of Lil Skater - does that make him Baiter?

    Or is B just a description?
     
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  16. skater

    skater Capitalist -- www.skatepro.com.au

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    Baby Skater:p
     
  17. inertia

    inertia Well-Known Member

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    Just had to share regarding the pocket money thing.
    We have some "cash incentives" for a few activities - eg ready for school before 8, unpacking the dishwasher, a few other little jobs (or are they gigs?)

    Anyway, when we got a dog, we set a condition that would pay them a dollar per poo for them to pick it up, but we would back-charge them if we had to pick it up. My daughters were not interested (have done it once or twice) but my son (about to turn 9) has embraced the job - he is earning up to $10 per week extra pocket money! I've never seen anyone so excited to pick up poo.

    Cheers,
    Inertia.
     
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  18. Otie

    Otie Well-Known Member

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    You should send him to our house. Backyard is full of pug poo...though it disappears after a little while we think our dog eats it!
     
  19. Redwing

    Redwing Well-Known Member

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  20. devank

    devank Well-Known Member

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    I keep a google sheet
    upload_2019-8-10_12-34-37.png

    I should introduce paying interest.

    CUA option looks really good given no monthly fees and also I don't need to worry about interest calculations.