[stoney]

We've had Haley set up with a GoHenry account so that she could have an allowance based on getting chores done. They started charging a $5/m fee, so we dropped that and I started looking for other options. Greenlight, etc all have fees built into them and are glorified debit cards.

I found one called Step that looks to be a pretty good option for those that want to do allowance, etc on a card vs. cash. It's a pre-funded credit card, so they are actively building their credit history, no matter their age. They can't overspend on it and best part? No fees. If you want to put cash quickly onto their card, you need to have money in your account, so you might end up with $50-100 sitting in a low interest account.

Pretty good option because I can drop cash onto her card if she needs is when she's out and she's building credit - 8yrs before she can even take a card/loan out.

 

[dump]

How do they know what they have? I suppose it’s app-based?

 

[stoney]

How do they know what they have? I suppose it’s app-based?

App based. They know how much that way and can also send a request through the app for more if necessary.

 

[canadmos]

Maybe it's different down there, actually it probably is...

Up here, as far as I know, bank accounts are "free" for minors and you get a nice interac debit card. As a parent you could control access to the bank.

And the debit card can be used anywhere. Most banks have alerts setup. And you can etransfer money between accounts, at different banks even, for free. And it's instant.

That's how I'd do it. Plus it'd introduce them to a real bank account. It's how my parents set me up as a kid - I've had the same bank account since I was ten years old or something - back in the cday when they used to print your crap out in that little book. It was always nice seeing my $20 deposit for the paper route.

 

[Pesqueeb]

Maybe it's different down there, actually it probably is...

Up here, as far as I know, bank accounts are "free" for minors and you get a nice interac debit card. As a parent you could control access to the bank.

And the debit card can be used anywhere. Most banks have alerts setup. And you can etransfer money between accounts, at different banks even, for free. And it's instant.

That's how I'd do it. Plus it'd introduce them to a real bank account. It's how my parents set me up as a kid - I've had the same bank account since I was ten years old or something - back in the cday when they used to print your crap out in that little book. It was always nice seeing my $20 deposit for the paper route.

I'd have to double check with the wife, but I'm 98% certain this is how my daughters checking/debit card works with US Bank.

 

[stevew]

some types of payment cards do not play well with payment machines....

 

[kidwoo]

jeesh, just give kids cash

then when they get robbed they'll learn how to fight because they'll have a reason to


way handier to bribe potential abductors too

 

[Pesqueeb]

That's why my daughter goes to jiujitsu.

 

[Jozz]

That's why my daughter goes to jiujitsu.

To steal other kids money?

 

[Pesqueeb]

To steal other kids money?

Kids gotta make rent somehow.

 

[Westy]

Kids gotta make rent somehow.

Just send them to a meat packing plant in Iowa

Iowa moves to weaken child labor laws, joining other states

A bill passed this week would allow 14- and 15-year-olds to work in freezers and meat coolers, among other things.

www.cbsnews.com

 

[jonKranked]

Our credit union does custodial accounts. We just haven't set that up yet.

 

[Changleen]

My kids both have a savings and checking account with regular debit cards that can be used in stores, and now my oldest hit 15 she has a proper full visa debit can be used online, contactless etc. Their accounts are part of the suite of accounts we have with our bank. We can see and control their accounts if needed and they too have their own banking app access, basically identical to adult accounts but a) free and b) neither have credit facilities yet of course. We have an automated payment each week for their pocket money.

 

[jonKranked]

Just send them to a meat packing plant in Iowa

Iowa moves to weaken child labor laws, joining other states

A bill passed this week would allow 14- and 15-year-olds to work in freezers and meat coolers, among other things.

www.cbsnews.com

<<Kentucky has entered the chat>>

10-year-olds found working at McDonald’s in Kentucky: Labor Department

The Labor Department found two 10-year-olds among more than 300 minors working at numerous McDonald’s locations in four states. The department said in a Tuesday release that its Wage and Hour…

thehill.com

 

[Westy]

<<Kentucky has entered the chat>>

10-year-olds found working at McDonald’s in Kentucky: Labor Department

The Labor Department found two 10-year-olds among more than 300 minors working at numerous McDonald’s locations in four states. The department said in a Tuesday release that its Wage and Hour…

thehill.com

Well in Kentucky by 10 years old you are already married to your cousin and need a job to support your 3 kids.

 

[6thElement]

Well in Kentucky by 10 years old you are already married to your cousin and need a job to support your 3 kids.

Need to be able to afford enough gunz for them all to defend themselves too.

 

[Westy]

Need to be able to afford enough gunz for them all to defend themselves too.

And when you can't find enough possum meat on the side of the road you have to go a huntin'.

 

[stoney]

My kids both have a savings and checking account with regular debit cards that can be used in stores, and now my oldest hit 15 she has a proper full visa debit can be used online, contactless etc. Their accounts are part of the suite of accounts we have with our bank. We can see and control their accounts if needed and they too have their own banking app access, basically identical to adult accounts but a) free and b) neither have credit facilities yet of course. We have an automated payment each week for their pocket money.

We bank through Schwab and they need to have an associated brokerage account for accounts for checking. We have a credit union for cashing checks and as a local savings account, but they have minimum balance requirements for checking (household level).

They both have UTMA/UGMA accounts with a few hundred dollars invested where they save half of gifts they get or other kinds or earnings. Then a HYSA at the CU for any of the cash that they want to keep for spending. So far Haley's doing pretty good. Now that her friends want to start going to the mall, she wants to buy stuff; but generally uses her allowance money (insert chore list). Hannah has her savings account and her "super" savings account (UTMA/UGMA) where she saves almost everything.

I'm trying to do my best to teach the girls about saving and spending. Haley's gotten a little bit more difficult as of late though. She was commenting that one of her friends is super spoiled because she gets everything that she wants. It was hard to explain that she has arguably one of the most expensive sport possible, without telling her how expensive it is, because I'm trying my best to avoid enmeshment of her with our finances. She also wasn't aware that he friend's dad works a second, part-time job, stocking at HD to provide that super inexpensive, whatever she wants, stuff for her.

The thing that really got my attention with this card was that it is a credit card with a capacity of how much money is in her account. So she has no ability to spend more than is in her account, but has started her credit history at age 10. So if by 18 she ends up having to take out school loans (not the plan), she will have phenomenal credit and can get a lower rate.

 

[slyfink]

Just send them to a meat packing plant in Iowa

Iowa moves to weaken child labor laws, joining other states

A bill passed this week would allow 14- and 15-year-olds to work in freezers and meat coolers, among other things.

www.cbsnews.com

I'll do you one better: my buddy paid to send his kids to a work-camp: https://www.uppercanadavillage.com/visit/summer-camps/time-travellers/

 

[jonKranked]

She was commenting that one of her friends is super spoiled because she gets everything that she wants

you should explain to her what a "gold digger" is.

 

[slyfink]

She was commenting that one of her friends is super spoiled because she gets everything that she wants.

I have the opposite problem. My kid doesn't seem to want anything... he seems happy when we take him skiing or biking, but never asks for anything. doesn't give a shit about clothes... doesn't ask to go places... I wind up having to motivate him to do stuff...

 

[SkaredShtles]

I have the opposite problem. My kid doesn't seem to want anything... he seems happy when we take him skiing or biking, but never asks for anything. doesn't give a shit about clothes... doesn't ask to go places...

Our kids were mostly like this. And TBH, now that they are all adults, they continue it, which seems to serve them well.

 

[slyfink]

Our kids were mostly like this. And TBH, now that they are all adults, they continue it, which seems to serve them well.

I find there's a fine line between lack of ambition and not caring about trivial things... we'll see where it goes. I hope he keeps the good aspects of this attitude, but still develops a little drive and ambition...

 

[Westy]

Prepare your kids for the real world not by giving them an allowance but high interest loans.

 

[junkyard]

My kids just want candy and books. I think the lack of commercials on the streaming service help. The kids earn “squares” on a piece of graph paper when they do chores. The big one is saving them up for a gaming laptop. How many she needs I don’t know. But she seems too. She isn’t really needy about stuff and I have to talk her into getting stuff all the time.

 

[TreeSaw]

Maybe it's different down there, actually it probably is...

Up here, as far as I know, bank accounts are "free" for minors and you get a nice interac debit card. As a parent you could control access to the bank.

And the debit card can be used anywhere. Most banks have alerts setup. And you can etransfer money between accounts, at different banks even, for free. And it's instant.

That's how I'd do it. Plus it'd introduce them to a real bank account. It's how my parents set me up as a kid - I've had the same bank account since I was ten years old or something - back in the cday when they used to print your crap out in that little book. It was always nice seeing my $20 deposit for the paper route.

This is how it works with both of my kids accounts.