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At what age do you let your kids

Posted by on Dec. 12, 2014 at 2:21 AM
  • 34 Replies

Handle their own money and bank card? We have a SpendSmart MasterCard for my seven year old son. We have an agreement that for holidays and birthdays, any check that is over $100 goes in his savings account for when he is older unless the giver specifies otherwise. Anything under he can have as spending money. He also makes money throughout the year doing jobs for neighbors and such, so that money goes on his debit card. Right now, we keep his card and he asks us whenever he wants to use it.

He has been asking about keeping it himself. I know that my cousin is giving him a wallet for Christmas, so we were thinking about letting him keep his card in his wallet. He understands money and how it works, he knows not to buy anything big without asking, so I'm not too worried about him spending it all on something stupid. Plus the card is made for kids, so I can control it all on my phone. I can set spending limits, lock the account at any time, and I get a text any time that the card is used. I'm more worried about him accidentally leaving it somewhere since he is only seven, but he hasn't had problems with losing things in the past. So I'm still thinking it over. Opinions?

by on Dec. 12, 2014 at 2:21 AM
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Replies (1-10):
Anonymous
by Anonymous 1 on Dec. 12, 2014 at 2:25 AM
Ugh when they are 18 and legally able to have a bank account and card?
Zazayam
by Ruby Member on Dec. 12, 2014 at 2:27 AM

I haven't let my almost 14 y.o have his own card yet.

lenashark
by Emerald Member on Dec. 12, 2014 at 2:29 AM

You can legally have a bank account and card before you are 18. So when your kids are teenagers and have summer jobs, they can't have a debit card and are supposed to keep all of their money in cash?

Quoting Anonymous 1: Ugh when they are 18 and legally able to have a bank account and card?


Anonymous
by Anonymous 2 on Dec. 12, 2014 at 2:29 AM
Well, with a card that changes things. I wouldn't feel comfortable with that until mine were practically teens.

My kids have piggy banks and wallets. All money goes into piggy bank until they are going to use it. Then tgey take out just the amount they are going to spend.

I plan on eventually getting them account, but not for a few years.
ejkdmom
by Platinum Member on Dec. 12, 2014 at 2:32 AM
If he is responsible then I have no issue with it. It seems a little young but your call. I got my son a card when he was 12 because he kept bothering me for mine when buying online. He doesn't carry it around though because he doesn't want to. It is taped under his desk.
Anonymous
by Anonymous 3 on Dec. 12, 2014 at 2:32 AM
Probably when they're 16.

Anonymous
by Anonymous 4 on Dec. 12, 2014 at 2:35 AM
My 7 year old doesn't have enough money to worry about a card. He is responsible for his cash. How much money does he have?
Anonymous
by Anonymous 1 on Dec. 12, 2014 at 2:39 AM
Quoting lenashark:

You can legally have a bank account and card before you are 18. So when your kids are teenagers and have summer jobs, they can't have a debit card and are supposed to keep all of their money in cash?

Quoting Anonymous 1: Ugh when they are 18 and legally able to have a bank account and card?




Tats funny miss known it all Lena (yeah I've seen you before, I have yet to see you correct on anything) a child cannot enter into a contract. So yes. If my son has a job, my name will be on his account and bank card. Of course he would have access to it. But that's the way the world works.
3MusketeerMama
by on Dec. 12, 2014 at 2:39 AM
My seven year old has a bank account but I don't let him have a debit card for it. I would be more worried about someone stealing it than him losing it. I guess it depends on how mature he is for his age and what kind of kids he hangs out with. I have never heard of a debit card for kids, that's interesting. I wouldn't think a lot of places would willingly take a card that a seven year old tried to use to pay for something.
lenashark
by Emerald Member on Dec. 12, 2014 at 2:39 AM

Around $1000. He is very careful with his money and usually only spends it on gifts for holidays and birthdays and on the occasional thing that he saves up for, so it has built up for the past few years. 

Quoting Anonymous 4: My 7 year old doesn't have enough money to worry about a card. He is responsible for his cash. How much money does he have?


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