I have been talking about this great product for years. The Spend Smart Card by Bill My Parents. I seriously wish I could put one in every single teenagers hand across this great country. If I did? You would thank me. With flowers and cards and maybe even a day at the spa. The lessons this card has taught my boys about spending, budgets and using plastic are invaluable. I now face down sending one off to college in a year and I can tell you his money skills are exponentially better because he has had years with this card. Below are five reasons you should put one in your own kids’ hands. I promise you, you will be preaching it from the mountaintops too.
ONE It will save you money. I wish I had tracked the number of times I handed my kids a $20.00 bill for a $10.00 event and said bring home the change only to be told there wasn’t any. I swear I could buy a new car for myself and ten of my closest friends with the amount they loaned or spent on jelly beans. Now? There is no change. They have what I put on their card monthly to spend and no more. If they want to spend extra? That is their problem. An added benefit is that they can’t “loan” money to their friends. Which brings me to reason number two.
TWO They learn to budget. They really, really, do. On the first of the month I have an automatic amount that is pushed from my bank account to each of their BMP cards. That money has to last them the entire month. PERIOD. The first couple of months? They sat home the last two weeks begging me for more money. I didn’t give in. Now? They have figured it out. They are selective about how they spend their money so that they can still afford to go to the movies or out to dinner the second half of the month too.
THREE It’s like a GPS system. You get texts telling you where little Billy spent your money. “Billy just spent $15.00 at McDonalds.” Just last week my son called to say dinner was running late and he wanted to stay out an extra hour but I had already received a text saying he paid for his dinner. It’s like those eyes in the back of your head you’ve told your kids about for years. Only these eyes? They travel.
FOUR What should I get Billy? You no longer have to come up with varying lists with varying pricing for all your family members. You just say? Add to their BMP card. They can choose the amount and your kids can choose to spend the money on whatever their hearts desire. You are no longer their gift coordinator.
FIVE Security. If they lose the card, you can lock it instantly via text. Or if you don’t like their spending? Lock it. Also? The card can’t be used for products like alcohol, tobacco, porn, etc. Those items are all blocked.
Yes, there is a fee, as with all cards. Another lesson to be taught to your kids. I promise you the amount of money you save in not getting your change back far surpasses the monthly fee.
Below is the segment my boys and I did yesterday on NBC with Consumer Bob. Watch it.
[...] 1. The MG provides monthly reporting of the apps your kid have used, how much time they spent using it and how much money they spent buying said apps. (Incidentally, this one comes with a prepaid $10.00 debit card from Bill My Parents.) [...]