Debit cards for kids under 13 do exist. In fact, it’s one of the reasons my kids actually enjoy and want to do their chores now. How is this possible?
We use an app and debit card service called Famzoo, to help our kids learn about how to manage their money. These prepaid debit cards for kids come from Famzoo , a system that allows you to set up debit cards for minors without a huge hassle. Like other prepaid debit cards for minors, these cards are accepted pretty much anywhere.
Can I just tell you that life has completely changed for us since starting with our Famzoo cards?
Here’s what I’ve noticed so far:
- I can KEEP my promises when it comes to doling out allowances for chores (no more looking for change on allowance day!)
- My kids actually do their chores, because they know payday is a click away — not weeks until mommy goes to the bank to FINALLY get them that $4 for washing the car.
- My kids practice decision making with money daily. They don’t have to wait until they are in the “real world” to learn about money, the hard way, on their own. They get to make money mistakes now when the stakes are much smaller.
- I get tons of help with small tasks. Need a closet cleaned? Paperwork scanned? No problem, I can instantly transfer money to pay them for what they do to help around the house. They get to learn, right away, that work = money!
- My kids have exhibited more positive behavior because I can DOCK them for things like missing chores, homework or even having a bad attitude. (Yes, I am that mom!)
Though you can do some searching to find the debit cards that banks will issue to minors under the age of 18 or even 13, I believe Famzoo is the best solution out there:
- Kids cannot overdraw their accounts
- Kids can split their monies into budget categories via the app with their own login
- It’s easy to add and remove money from any card on the Famzoo system with the app (mobile and web-based.)
How do Famzoo Debit Cards for Kids Work?
After signing up on the Famzoo website, I got three debit cards in the mail: one for myself and two for my girls.
If you ever have an issue during sign-up, their support team is SUPER quick and responsive. Within minutes of sending an email, you get a response — many times a call from a friendly-U.S. based rep who will take the time to walk you through everything.
After set-up is done...the app is SUPER EASY to deal with.
Once I distributed the cards to my kids, I made it plain to them: you get your weekly allowance only after you’ve complete your clipboard activities. These activities include a combination of chores, reading, school work, music practice, etc. They can even earn more money with bonus activities like weeding the garden or making YouTube videos. You can also track chores in the FamZoo app if you want.
This money is to fund any eating out and snacks they want during the week. After two cycles (they get paid every 2 weeks,) I’m happy to say it seems like things are sinking in.
At one point, I heard my kids both decline guacamole at Chipotle because it would add to their bill!
It’s not much, but it’s something to get my kids to understand the finite nature of money. They had to make a conscious decision and count the opportunity cost of forgoing that delicious guac.
Also, the FamZoo interface (both web and mobile app) makes it easy to transfer money back and forth between cards. I can dock my kids for missing chores or let them pay me back (with interest) if they come out of the house with no money causing me to have to cover their soda or bag of chips.
The best part is that Famzoo mobile app allows the kids to check their own balances and enables parents to move money around based on their household values system. (For example, I can reward them for leaving money in their account and pay them interest on that balance.)
I can truly say that the Famzoo debit card system has been very helpful in teaching money values to my kids at young ages. Plus, they get the grown-up feeling of swiping their debit cards at the cash register on snack shopping days!
Interested in helping your kids learn more about money?
Check out my entire Pinterest Board on the Topic: Kids & Money.
Finally, check out my free eBook on getting a debt-free college education for your kids:
Free Guide: Debt Free College Degree
A debt-free college education is possible. Check all the ways you can go to college WITHOUT pesky student loans.