ATM card for kids

With rising costs and increased learning needs, financing our children's education is no longer a simple walk in the park. Discuss with other parents about how they are managing their finances to cope with their expenses.

ATM card for kids

Postby fussyMummy » Mon May 04, 2015 2:31 pm

Hi All,

Kindly share what age of your kid to obtain his/her ATM card.

How much you keep inside the a/c and any max $ to kid to spend.

Thanks

fussyMummy
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Re: ATM card for kids

Postby slmkhoo » Mon May 04, 2015 8:06 pm

My daughters are teenagers and don't have ATM cards. I don't see a need for them to have one as they get pocket money from me every week, and I'm afraid that having a card will mean one more thing to look after.

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Re: ATM card for kids

Postby zbear » Mon May 04, 2015 8:37 pm

slmkhoo wrote:My daughters are teenagers and don't have ATM cards. I don't see a need for them to have one as they get pocket money from me every week, and I'm afraid that having a card will mean one more thing to look after.



My kids are the same age as slmkhoo. They also don't have ATM cards. Don't want to encourage them to draw $$$ so easily.

:smile:

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Re: ATM card for kids

Postby TheAnswer » Mon May 04, 2015 9:44 pm

I got my atm card from my dad when I was 14.

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Re: ATM card for kids

Postby janet88 » Mon May 04, 2015 9:47 pm

I dare not give my son ATM card because money would be too easily available. up till now, he doesn't even have the keys to the house.

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Re: ATM card for kids

Postby Jennifer » Mon May 04, 2015 10:23 pm

My elder boy has a ATM card. We urged him to apply so that he can pay for his dental visits if I forgot to give him the money. It is now convenient for him to top up the student card when he is outside.

The facility has a limit on how much he can debit each day. I am not too concerned about excessive spending as he has always been a thrifty person.

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Re: ATM card for kids

Postby janet88 » Mon May 04, 2015 10:48 pm

Jennifer wrote:The facility has a limit on how much he can debit each day. I am not too concerned about excessive spending as he has always been a thrifty person.

my son is considered thrifty...my worry is he is blur and might lose the card. I feel that it is better for him to him to hold cash which is max $20.

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Re: ATM card for kids

Postby Sun_2010 » Mon May 04, 2015 11:06 pm

I gave DD her Atm card right before Sec 1. I felt she was responsible enough to handle it. And that it was time for some money sense and management. I dont keep balance of more than 100 in that account. Most of the places she goes to needs cash and so her atm card is not used much. She still asks DH for cash instead :roll:

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Re: ATM card for kids

Postby Laurel111 » Tue May 05, 2015 8:15 am

I gave DD weekly allowance and realised that she doesn't spend much and cash has been accumulating in her wallet. I am afraid all cash will be lost and find it troublesome to bank it periodically. Gave her a ATM card last year (Sec 1) and transfer her allowances to her account. I monitor her withdrawal online.
It depends on each child how they handle money, I dare not do the same to DS.

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Re: ATM card for kids

Postby slmkhoo » Tue May 05, 2015 8:22 am

Laurel111 wrote:I gave DD weekly allowance and realised that she doesn't spend much and cash has been accumulating in her wallet. I am afraid all cash will be lost and find it troublesome to bank it periodically. Gave her a ATM card last year (Sec 1) and transfer her allowances to her account. I monitor her withdrawal online.
It depends on each child how they handle money, I dare not do the same to DS.

Do you use internet banking? I also find it troublesome to bank in their excess cash, so what I do is to take their excess cash and then transfer that amount to their account using internet banking (about every few months). I then use the cash myself or "recycle" it for future pocket money. I also advise my kids not to carry too much cash to school, so they leave their excess at home and draw on it only when they have a reason to use it.

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