I decided to add my three daughters to one of my credit cards. The cards came in the mail and they are super excited. They can only use it if they have enough cash on hand to pay for the purchase. They'll use the card and hand me the money to pay the credit card bill. Eventually, I'll let them spend more than they have. I'm doing this for two reasons. 1) to establish good credit before they turn 18 and 2) teach them about being responsible with their money. FYI, my kids are 8 and 6. I'm starting them young.
I see absolutely nothing wrong with what you are doing! Your 2 reasons for doing it are great ones. But now there are credit cards for kids…….Green light and Go Henry. I got my granddaughter the green light card to show her how to be responsible with money.
I see absolutely nothing wrong with what you are doing! Your 2 reasons for doing it are great ones. But now there are credit cards for kids…….Green light and Go Henry. I got my granddaughter the green light card to show her how to be responsible with money.
I never heard of those. I'll need to look into it. Thanks!
That’s actually really cool! I’ll have to also get my son a credit card as well
I too recently added my children ages 16/13 to my credit cards as authorized users! This is helping them to a. Establish credit and b. Be finically aware! They are required to save towards a large purchase, at least half and then purchase via the credit card, and pay me in installments the rest to pay the card.
I’m great at saving especially since the pandemic funds (I worked the entire time in healthcare) sooo I pay the card in full by 2nd statement and just redeposit the money they give me into a separate savings account. So the money is almost recycled out (if u catch my drift) they too have the GREENLIGHT DEBIT CARD (funded via me for allowance) , cash app, and accounts with SECU (ZARD/FATCAT) also parents take your kids to the bank to open accounts and take them with you when u make deposits and withdrawals show them how easy the flow of money is, as it harder to make it and keep it/save it.
Keep pressing on!!!!
My kids each made there first purchase this week. They were pretty excited about it
I have also gotten my children ages 16/14/11/9 a greenlight card with MAX. I have been considering adding my 16/14 year olds on my credit cards as authorized users. They have investment, and saving accounts as well. I agree that teaching them young will be extremely beneficial to them as adults. I have also gotten the Dave Ramsey kids budgeting when I did my class. Its been amazing to see the growth in my kids. I wish I would have had this when I was growing up,
These are cool! Better start them when they are still young!
It’s starts at home Saverlife Family
That sounds risky but I understand the idea
