ATM / Debit card for kids

I used to give my kids their pocket money as cash and pay for their toys separately. They never got around to saving any money but that’s more likely because I was a bit slack about the pocket money thing or they forgot to take it from.

I was talking to my kids one day about a year and a half ago, I asked them if they would like me to open a bank account for them and give them a card like mine to do shopping. They were really happy about the idea. I warned them that this also meant that I won’t be paying for their toys and they would have to plan their toy shopping themselves but they completely loved the idea of having control over how they spent their money.

My bank was really helpful and they opened 2 sub-accounts for my kids and issued them ATM cards that worked in the shops etc as well. I handed these cards over to the kids and their eyes lit up. After about 18 months, they still forget their pin at times so I have to rescue them lol!

The first few months, they used up everything they had in their account and kept running into the problem of not having any money when they wanted to buy a slightly more expensive toy. They gradually learned the power of saving and I am very happy to report today that they hardly touch their own money.

Every time they need to buy something big, they come and negotiate with me and argue with me rationally to convince me to buy it for them.

It has also inadvertently created a bit of a competition between the 2 siblings on who has more savings.

I love it and wish that I had done it sooner.

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