subject: Teaching Kids To Budget With Prepaid Cards [print this page] Prepaid cards are a wonderful tool for teaching your kids how to use a card responsibly without having to take the risk that they might incur costly overdraft or late fees or that they could run up a huge balance. Giving a prepaid card with a set balance to your kids can also teach them how to stay on a budget.
The first step to take once youve decided to show your child how to use a card is to pick out the best prepaid card for your needs. An excellent place to start looking is on CreditNowUSAs website, which features a number of different prepaid cards, including ones that are reloadable.
Even if you, yourself, have a less-than-stellar credit history, you will still be able to pick up a prepaid card for your child. You may even want to use your prior credit problems as a lesson to your children as to why learning how to use credit cards or debit cards properly is important.
Once you have picked a prepaid card from CreditNowUSA.com for your child, load it with a set amount of money, his or her budget for the month. If you are giving the prepaid card to a child who will be away in college, you need to explain what items he can buy with the card and what items are definitely not allowed, and then let him know that he must manage how he spends the funds available on the prepaid card so that they will last the entire time period.
If you are giving the prepaid card from CreditNowUSA to a younger child, you can load the card with a weekly allowance and let him know that he has a certain amount of money available on the card for purchases. Then when you are in a store, you can explain to your child that he can either spend his funds on the prepaid card for a lot of small things or save up his funds so that he can purchase something he really likes later on.
Prepaid cards, when used properly, can be one of the best tools for teaching a child how to use cards properly and may end up saving him lots of money in penalties and overdraft fees in the future.
For more information, go to Prepaid Cards at http://www.creditnowusa.com/Prepaid-Cards
by: Money Lender
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