A Debit Card For Teenagers May Help Foster Saving Habits | muvin

1. How Can A Debit Card For Your Child Help Them Save More? Debit cards make it simple and convenient to spend money. We realize the consequences of swiping that card and having money deducted from our bank accounts as adults. It's also an important skill for kids to master, and it's never too early to start teaching them about money management. Getting hands-on experience with a debit card is one such method to do so. Giving your child a debit card is a practical and educational decision. For many, having a bank account and ATM card around the time they start high school, obtain their driver's license, or find a job helps them be ready for whatever adulthood is going to bring them their way. But, in order to receive a debit card, how old do you have to be? All the basics you are looking for are right here. What Are the Benefits of Giving Your Child a Debit Card? ● ● ● ● ● ● Providing your child with a debit card will assist them in developing excellent financial habits. A debit card, for example, can be a useful tool for kids to learn the fundamentals of: Using banking applications, online tools, and text alerts to keep track of spending Create a monthly saving and spending plan through earnings or allowances Understanding the difference between wants and necessities Using smartphones to help your children make safe and secure debit card payments An ATM card provides a physical link between the value of money, expenditure, and the goods or services received. While cash can achieve the same goal, debit cards and digital payments are the most frequent payment options. Money Management in the Modern Age Encourage your child to practice various methods of money management so that when they reach maturity, they will be ready to earn, save, and develop financial literacy. The use of a debit card is only one part of modern financial management. There is a multitude of alternative learning opportunities available: ● Taking your kids through the budgeting process is a great way to teach them about money management. Educating them on the meaning of a savings account and how to use one ●

2. ● ● ● Assisting children in setting financial objectives that are age-appropriate assisting them in the creation of a budget that is age-appropriate Teaching kids how to keep track of their spending and comparing it to their budget is essential. What Kinds of Debit Cards Are Available for Children? Some banks, credit unions, and financial organizations offer savings and checking accounts for children and teens, depending on state statutes and the policies of the institution. The accounts may be jointly owned by the child and his or her parent or legal guardian, or they may require the parent to act as a custodian. Children under the age of 12 are frequently restricted to access savings accounts with an ATM card. Teen checking accounts for teens aged 13 to 17 usually include debit cards that allow the account holder to make purchases. When a child or a teen uses their debit card to make a transaction, the funds are debited from their checking account balance. Determining Whether to Use Debit or Prepaid Rather than merely filling a prepaid bucket, a regular checking account will teach your youngster the complete account-management procedure. A debit card, ATM access, deposits, withdrawals, and an introduction to working with bankers are all available with checking accounts. Your child may learn everything they need to know about maintaining simple accounts on a daily basis under your supervision at the bank and online. These advantages are not available with a prepaid card. Prepaid cards, unlike typical checking accounts, charge a variety of fees. For young users, this could mean a more difficult (and potentially costly) learning curve. Pros of offering an ATM card to your kid ● ● Learning the fundamentals of financial management Understanding the distinction between wants and requirements A debit card not only helps a child or young adult in learning the money management fundamentals, but it also helps them in differentiating between necessities and wants while building a mindful outlook and attitude about future financial plans and spending. ● Chances to learn from your mistakes Youngsters with some spending flexibility have an opportunity to learn from their spending mistakes as a debit card allows them to track their expenditures and provides them with a real-time picture of their individual financial situation.

3. muvin - Young People's Smart Banking Teens can save for what they want and pay for what they need with the help of children's neobanking apps like muvin. You and your adolescent can keep track of all their costs with features like real-time transaction alerts and automatic categorization of all transactions. Muvin is a bank for kids as well as a family banking app. Being the principal account holder allows the parent to load or transfer money into their dependent's account more easily. In addition, the bank has the power to set a daily transaction restriction. Muvin and other neo bank mobile apps not only make digital transactions easier, but they also teach users how to make wise financial decisions. Muvin aspires to improve financial literacy among Indian youth through practical learning and interactive learning content. Muvin curates blogs to help youngsters learn the fundamentals of money, as well as visual content that simplifies difficult financial concepts into bite-sized chunks. Original Source - https://www.muvin.in/blog/6n55udfJcrxZQE0wx5WGCg