It’s one thing to pay your children to do chores and tasks around the house. It’s quite another to use that in teaching them the relation between hard work and rewards. My Job Chart had already integrated a Kids Savings Account in the ‘savings’ area through ING Direct bank. Now, a new feature has been added!
ING Direct is now offering a Kids Debit Card, specifically geared for children ages 9 and up. This debit card features no fees or minimums and the parents get a text message each time the child uses the card. This text include where they spent the money and how much. This is great so that you kids don’t have too much cash on them, but just enough for lunch with friends or a trip to the movies.
How does this tie in with My Job Chart? This is what the founder, himself, had to say:
This fits perfectly into our “Spend” area. So kids do chores, earn points and then when they get enough points the parent can transfer money onto that card to teach them how to spend responsibly. 1,000 points equals $10 on the card. My kids totally love it! They think they are all grown up and it really does instill within them a new sense of responsibility and makes it easy for a parent to ensure accountability instead of just handing them the money and never knowing what happens to it. :-)
Now that my daughter is older and already understands the concept of actual money, this may be a great option for her. She’s really good at saving and would often have a pretty wad of cash on her, so much that we had to start holding it for her or putting it ‘on tab’ at the bank with a mental note of how much was hers to spend. This will keep things straight for all of us and allow her to raise funds by doing more around the house and getting to spend it on something nice, even if we not with her. This way, too, she will not fall into the snare of whipping out that plastic without first considering if she can really afford it.
All you need to do is log into your My Job Chart account, go to ‘manage rewards’, click on ‘spend settings to sign up for a Kids Debit Card. Help them on the road of financial responsibility now!