Can you set a weekly budget for the debit card?

Kids can be stupid or can get scammed online.

I assume kid can link their account to Venmo for buying vapes.

My kid is 16 and I try to keep it all debit to make sure he isn't paying cash to friends for vapes, etc. I want to know where he's spending money, and probably will through college, as long as I'm giving him spending money.

Chase kids account with debit card. They keep an emergency $20 in their phone case but that’s it. If they get cash as a gift, etc. they ask me to put it in their online account. They can check with their own app; parents can view as well.

My teen has had a debit card since he was 15 and got his first job. We rarely carry cash.

Your kid needs a card and preferably an app on his phone so he can check his balance. Life skills.

We skipped the debit card. DC is on my credit card to build credit and he has couple of hundred bucks in cash at home and some on him. The rest of his earning go to Roth.
Checking account for me is for paying bills and he doesn't have them yet.
He will be 18 soon and can do whatever. I have seen super responsible spending on the credit card. The kids is cheap - under $50 a month on food mostly.

Anonymous wrote:I think times have changed because people hardly use cash anymore. I would get him a debit car for his account. I assume you know the login at this point? I would want to monitor a 13 year olds account.

My kids also had the capital one teen account which worked very well as PP said very easy to transfer money to them. They are finishing up college now and transitioning to regular adult accounts.

At this point it has only been a savings account for him. He keeps his cash in his room and can only use the bank account to deposit savings.

I’ll check out the capital one money account - thanks!

Another vote for the Capital One money account. My two oldest have them and the youngest is counting the days.

DS17 got his a few summers ago when he started lifeguarding so he could deposit his paychecks.

DD14 gets an allowance that she divides up so it lasts the month. I also keep $100 of my money on that card because she's a good shopper who will often buy birthday gifts or other things we need while she's out. It took a few months for her to learn to keep my month separate until she had approval to use it, but it was a valuable lesson in managing money that I'm glad she learned young. (There was a month or two where she really had $5 of her own money and she had to say no to lunch out a few times.)

Anonymous wrote:I got both of my kids a Capital One money account for their 13th birthdays. They get a debit card, I can set up a regular allowance, I can see their transactions, they can set money aside in their app for different things they want to save for. It's been great.

This. My teen just uses Apple Pay whenever possible.

Anonymous wrote:I got both of my kids a Capital One money account for their 13th birthdays. They get a debit card, I can set up a regular allowance, I can see their transactions, they can set money aside in their app for different things they want to save for. It's been great.

I have the same for my kids. I do automatic transfers for allowance which is so easy.

My kids had their own cash, and one of our credit cards for emergencies.

Anonymous wrote:I got both of my kids a Capital One money account for their 13th birthdays. They get a debit card, I can set up a regular allowance, I can see their transactions, they can set money aside in their app for different things they want to save for. It's been great.

+1 This is exactly what we do too. It's also what my parents did for me too (minus the app, since it was the 90s). I don't personally use my debit card for purchases, but there isn't enough money in DCs accounts to have the same concern for them.

I don't use Capital One for my primary banking so established an account for myself to link to their accounts. That's not a requirement to have the teen account, but it's helpful to be able to send money instantly, like when DC went to the grocery store yesterday and I could put money in the account.

I think times have changed because people hardly use cash anymore. I would get him a debit car for his account. I assume you know the login at this point? I would want to monitor a 13 year olds account.

My kids also had the capital one teen account which worked very well as PP said very easy to transfer money to them. They are finishing up college now and transitioning to regular adult accounts.

I got both of my kids a Capital One money account for their 13th birthdays. They get a debit card, I can set up a regular allowance, I can see their transactions, they can set money aside in their app for different things they want to save for. It's been great.

I have a 13 year old who just started working. How are your teens physically using their money?
Do they have cash only? Do they have their own debit cards?

My son has a bank account at our bank (BoA). So far we’ve done cash only and I don’t think I got a debit card until I was starting college. Have times changed?

I rarely use cash myself.