One of the best ways to help teens learn how to manage money responsibly is by giving them the opportunity to do so. In light of the recent credit crisis and what many consider a lack of financial literacy among young people, finding a way to help our youth develop smart money management skills is a top priority. Good spending habits and an basic understanding of financial management in the teen years can set your child up for a lifetime of financial stability. Today parents have the opportunity to help their teens learn how to manage credit and personal finances while at the same time preventing financial missteps that lead to debt. The BillMyParents Spend Smart Card provides both teens and their parents the chance to work together to develop good money habits. Here we look at some of the features and how this card works.
BillMyParents Spend Smart Card
The BillMyParents Spend Smart Card is a prepaid, reloadable card which can be used anywhere MasterCard debit is accepted. In this day and age where credit and debit cards are the preferred method of paying for many consumers, providing your teen with a card for use in emergencies or other situations when they may need access to cash is common practice. Unfortunately a credit card in the hands of a teen can often result in a big surprise when the monthly statement arrives. This is not a problem with the BillMyParents Spend Smart Card which includes features such as real time text alerts when the card is used. This allows parents to know instantly when the card has been used, for how much and where. No surprises and the ability to help teens track spending to learn how to manage money more responsibly.
BillMyParents Card Features
There are many features available with this card that make it an ideal teaching tool for both parents and their teens. Parents can rest assured their child will never be in a position where they need access to credit while at the same time secure in the knowledge that a huge balance will not be owed at the end of the month. Features include the ability to track and monitor spending, lock and unlock the card at any time, reload the card with more money when the available balance is spent and a mobile app which allows control anywhere at anytime.
How Does It Work?
To learn more about this card and how its features can benefit both parents and teens, visit the website BillMyParents.com for more information and a free trial. The way it works is parents activate the BillMyParents Smart Spend Card and load funds to the card for use. The teen then has access to shop and make purchases anywhere debit MasterCard is accepted. Both teens and parents have the ability to track purchases and parents have control to lock or unlock the card at any time. When funds are low, parents can reload the card for additional spending. The account can be managed online with friends and family also having the ability to load the card. This is a great way to provide gifts and other cash rewards for teens. As with all other credit/debit card accounts, it is important to understand the terms and conditions associated with this card before use. Fees and charges will apply, therefore both parents and teens are encouraged to investigate and fully understand these terms before applying for the card. Information is available online at BillMyParents.com.