Spriggy kids debit card

Get the kids aftrepay and zip on the same debit card. Teach them about leverage.

 

WOW...... they get to spend the whole $2 in one go !

 

Is CUA still one of the best options? It’s time I taught my 14yr old about money

 

Past time, I'd say.

When they are over 14 the bank makes the card a M/C debit so they can tap and pay with card, or use the phone app. Both my kids still have the same two CBA accounts, no fees, CBA app is excellent.

 

Hand over a year's worth of pocket money and say "That's it" and see how they deal with it.

 

Is it just me......I started yery early on, like beginning primary school. You work, you get money, you sit on your hands you get nada. I used to supply basic needs, school supplies, food, shelter, basic clothing (X pairs of jeans, etc). Everything else was a 'want'. If you want it, you work and buy it.

 

We use Spriggy - it’s free if you have a NAB account too.

The look on the kids faces when they received their Spriggy card was magic. The behavioural nudges/gamification of chores around the house are worth any effort/cost to sign up

 

No apps but $0 fees

Great Southern Bank Youth eSaver Account
Online savings account for newborns to 17‑year‑olds.
On balances up to $5,000
2.40%p.a.

 

Be careful paying kids for things that are part of normal life. What happens when they get a partime job and refuse to do anything around the house? Money won't be an incentive then. Are you happy to do everything for them?

I think kids should do chores the same as everyone else in the family. Getting dressed is part of being a responsible person.

Money for kids can be tricky and everyone has different ideas. I grew up poor and have always been a good saver and not a spender.
My daughter is good with money. My son is hopeless.
I think the card would be good for teens as that is the reality these days. They need to learn how it all works.
One poster here gave her kids pocket money. Whatever they banked she would match. If they took money out though they had to give her the same amount. Love that. Great disincentive. Behaviour modification doing its stuff!!

 

I don't mind that....although I don't like giving kids pocket money just for existing.

At ages 8 & 10 we were running a skating rink, and the kids had jobs, paid the same as any other junior employee. The deal was that they didn't HAVE to work, but if they wanted to earn money, this was their best bet, and they both worked a few shifts a week. Half of what was earned had to go into an account they were not allowed to touch until age 18. One embraced this, the other did not, and constantly wanted to spend her money. The one that did embrace it, had a house deposit by the time she left school in year 12. What really impressed her, was one day she overheard the mother of another girl that worked with her (we'd moved on, and she was working part-time retail at the time) complaining that she didn't have the money to fix her car, which was only around $500 at the time.....and here's this 18 year old, with thousands of $$ in the bank, that she'd earned and saved all by herself. It was a powerful lesson in real life compounding.

 

as a parent to a 4 year old, this thread is gold, thanks guys!

many good ideas!

for a kid, this is epic, not many adults can do this.

 

There are base chores that the kids have to do regardless, and then there are additional chores that attract bonus money. Eg my kids have been getting themselves up and ready for school themselves since early primary school. They all make their own lunches for school, pack/unpack dishwasher, feed the animals, tidy up, etc etc. Each year the expectation of what they contribute to the household increases.

 

I recently went through this with my 12yo.. ended up just going with a debit card through my bank (Suncorp) instead of spriggy mainly due to fees. The card I got her was an EFTPOS card as opposed to VISA or MC (needs to be 13 or 16 , can’t remember) , therefore, can’t be overdrawn or used on OS sites.

As an aside, you can’t add any card to your apple wallet until you’re 13. It’s an Apple condition , not the banks, so she won’t be able to use watch or phone to pay until then.