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From mowing lawns and babysitting to a part-time job, hot summer days are a great time to earn some cool cash. If your teen is wanting to know a bit more about the basics of starting up their summer business, make sure to check out the article Lemons into Lemonade which talks about basic business start-costs, pricing, setting goals and money management for young entrepreneurs. As young adults begin to take more responsibility for their finances, you might find it’s time to upgrade from a youth savings account.
Teen Debit is a checking account for 13 to 17-year-olds with parental safeguards. Now, if the thought of letting your teen loose with a debit card gives you a sudden, heart-clenching feeling, take a deep breath and consider the following:
Healthy spending habits. Unlike cash or pre-paid cards, a teen debit card allows your teen to track spending. How much is REALLY being spent on eating out or treating others? This idea of shopping with your brain in neutral is a habit that can easily continue into adulthood. Helping to develop healthy spending habits is the first step in the conversation about creating budgets that can last them a lifetime.
Security. Fast forward to the end of summer when your teen is shopping for back-to-school. While they may not be running from store to store with a stack of cash, a debit card is a bit more inconspicuous. A debit card is protected from fraud and theft. If the card is misplaced, you can call your financial institution and have it suspended, or if it’s a Numerica account, it can be immediately frozen with our app.
Parental alerts. If the thought of giving your teen your debit card has you running for the hills, alerts can help you monitor the account while still allowing the teen some financial freedom. Set up alerts for low account balances or to monitor transactions. Alerts can be sent to you with a text or an email. There is also a limit on how much can be withdrawn.
Open discussion about money. Knowing where to start talking with your teen about money is one of the hardest parts. With a Teen Debit card you can discuss how the card works, when to use it, and rules for the account.