November 22, 2010

Teens and Money Management

Everyday I hear about the national debt, financial crisis, bankruptcy, etc. It can become depressing to hear all the bad news.

I am conservative about financial matters (along with other things), so I feel it is important for us to each take responsibility for our own actions. The government needs to be responsible also by reducing spending to decrease the national debt.

Unfortunately bad things can happen through no fault of our own like being laid off. But we can try to be prepared for financial emergencies. One way is to have an emergency fund.

I talk to my kids about money frequently especially when they are asking "Can I have this?" or "Can I have that?" My response is frequently "No, it's not on sale." or "I don't have a coupon for that." Unfortunately, when they have money, many times they "blow it" on candy or junk.

How do you teach your teen about money management? I give mine money as a reward for doing some work like the doing laundry. I don't give them a weekly allowance just for being my child, but I might consider an allowance if they would agree to do chores weekly.

I am looking for ways to teach them to be responsible with money. One option is the PASS card.



The PASS CARD:

PASS is a prepaid reloadable Card parents give to teens or young adults.

Parents load PASS with funds through an American Express Charge or Credit Card or through a bank, such as a checking or savings account.

Teens don’t have to carry large amounts of cash, and if lost or stolen, funds can be replaced.

Unlike credit, this is a prepaid card so there’s no risk of overspending.

An adult, 18 years or older, must register and load PASS online at www.americanexpress.com/pass, after verifying the user is 13 years or older.

PASS can be used virtually anywhere that accepts American Express.

I haven't tried the PASS card yet, but it might be a good option especially if the teen is going somewhere where a credit card is needed.

Do you have any tips for teens and money management? Have you tried the PASS card?

I wrote this review while participating in a blog tour campaign by Mom Central Consulting on behalf of American Express and received a gift code to thank me for taking the time to participate.

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