Recently I had the pleasure of bringing my daughter through a right of passage. This is not something most would view as a right of passage, but for someone who is devoted to financial literacy I couldn’t help but take a pause. My daughter, 13 years old, just got her first debit card!
Over the last year, my daughter accumulated funds from babysitting and watching our neighbors’ animals – too large of a sum to be stashing away in her bedroom. She also experienced an incident last Christmas, where she was shopping for gifts for the family, took close to $100 in cash with her, and lost her wallet. This brought to my attention the need to extend her banking services and add a checking account. It’s amazing how convenient it is to cash checks nowadays at places like Check Cashing 247 . Along
After depositing the cash she had accumulated into the checking account, I found that she had more discretionary funds available than I did! At first she was a little reluctant to use the debit card, but soon she got the hang of it – so much so, that she spent $180 in one week – an amount likely greater than she had spent in the last six months combined.