How do you teach your kids about responsible spending?
It’s not always easy – it’s not a “one size fits all” type of discussion or training. I always loved when my kids received gift cards at Christmas and birthdays because I was able to guide them some in spending them.
I have 3 kids that are grown and moved out and one still at home. The oldest is a girl and she started working very young and worked more than 1 job at a time ALWAYS.
She loved people she loved working and she loved being able to spend it the way she wanted. What that often meant, we all laugh about it now as a family, was that she would buy out the store when she got her paycheck and then Sunday afternoon would find her in her room rethinking ALL of her purchases and returning MOST of them to the store! 🙂
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Then there is son #1. He didn’t work until after college. He however almost ALWAYS had money. He never bought ANYTHING! He saved it all, he also saved everything he could find from domino’s to rocks to stacks and stacks of cups left at the ball games he attended (those went with him when he moved out!).
When he started working he was, and is very careful with his money. He buys what he wants, but is careful to ALWAYS have money. He is also very generous as is his sister.
That brings us to son #2, he worked some before college but, really began working after. He never paid for anything and rarely had money. His friends or brother and sister bought him things or gave him money all the time!
He now has a good job and he is not quite a thrifty as his older brother and doesn’t really save. I have watched over the last 2 years as he has saved for two things and hasn’t bought either, yet…
Now we come to son #3, early teens, money burns a hole in this ones pocket! 🙂 This one definitely needs training! Hubby and I have talked about getting him a re-loadable card to help teach him about spending. We will need to start very slow at first, because I was not kidding about the burning a hole in his pocket thing! 🙂
This brings me to why I am rambling about my kids spending habits! Mom Central and American Express have asked me to tell you about this great way of teaching your kids about smart spending.
American Express has a card for teens called PASS and it is re-loadable and can be customized by your kids to look they way they want it to, and it can be linked to a checking or savings account if you/they would like it to be.
There are great benefits to this card:
- You can add money 24/7 by American Express Card or bank account
- No way for them to overspend
- No monthly fees until 10/11!
- Easily Tracked
- You choose when to add funds
- Includes Roadside Assistance
This is great time of year to begin teaching our kids about spending. So, check out American Express and their PASS card when you’re ready to teach your kids!
“I wrote this review while participating in a blog tour campaign by Mom Central Consulting on behalf of American Express and received a gift code to thank me for taking the time to participate.”