Handing that debit card to your child for the first time is a big moment. Teach them some debit card safety tips to keep top of mind.
It’s a big moment – handing that debit card to your child for the first time. And while she presumably has demonstrated the maturity, smarts and sense of responsibility needed to satisfy your personal criteria for having access to her bank account, there are still some debit card safety tips you’ll want to ensure are top of mind every time she uses her card.
For example, you’ll want her to understand that she must have enough funds in her account in order to make a withdrawal or purchase. Fortunately, digital banking makes it easier than ever to check account balances, even when you’re on the go. Your child can even check her balance from her mobile phone, if she has one, before using her card.
Encourage her to keep track of her spending. When you’re not using cash, and you’re a first-time debit card user, it can be easy to lose track of how much money is actually going out of your account. Online tools like myFinanceTracker make it easy for your child to see where her money is going and keep her expenses in line with her budget.
Finally, one of the most important lessons to pass along is to protect her PIN. It’s critical that your child not share it, even with her closest friends or family.
Keeping track of account balances, tracking spending against a budget and keeping your PIN secure are steps we should all take, every day. So the next time you’re out with your kids, walk them through your daily money management routine. Leading by example is one very easy way to teach kids their first money lessons.