When it comes to teaching your kids about money management, some of the most important lessons will happen outside of the classroom. Our currency exchange near Mount Prospect is here to offer a few helpful tips for making this transition to financial independence a little less hectic.
Cash Can Be A Hassle
In our increasingly paperless world, cash can start to seem like a nuisance. You may have found yourself becoming the “Bank of Mom,” constantly exchanging money earned from babysitting for online orders with your debit card, or cashing checks from birthday gifts. You’re probably fed up with being paid in 28 one-dollar bills by your kids. This continuous exchange of swapping cash for cards gets old, and you never signed up to be a bank teller!
Teenagers and Cash
For every odd job your kid picks up in the neighborhood, whether it’s babysitting, mowing someone’s lawn, or cleaning out a garage, they come home with small bills and coins. The problem is, teenagers often want to spend money electronically, which makes you the middleman. If this is a problem you’ve grown tired of, it might be time to consider getting them an account with a card.
Reloadable Prepaid Cards
We aren’t saying to take the leap and give them free reign of your debit or credit card, but you’re probably finding that they need a place to deposit their cash and a card that would give them access to that cash. Our best suggestion is to try a reloadable prepaid card, like the Visa Green Dot we offer at our currency exchange near Mount Prospect. For just a few dollars each month, these cards teach your kids about the responsibility of managing their own money while also giving them the freedom to learn on their own. Reloadable prepaid cards come with ATM access, the ability to make online and in-store purchases, and mobile check deposit.
If you think this sounds like the next step for you and your teenagers, come by West Suburban Currency Exchange, a currency exchange near Mount Prospect. We can get you set up with a card you’re comfortable with and have your kids on the road to financial independence.
