Do you have advice for other parents on giving your child spending/souvenir money on the East Coast Trip? Pre-paid debit card? Cash? ATM/debit card? Daily envelopes with pre-sorted cash? Every family is different, so I'm sure there are lots of great ideas out there! Please post a comment to this blog post to share your thoughts with other parents. Thanks!
RVI
1 comment:
So that our daughter wouldn't have to carry a very large wad of cash with her.. i looked into pre-paid debit cards, gift cards, etc... but ended up just adding a personal checking account to my accounts... attaching an ATM card to it with its own PIN number. This card can only withdraw from that account.. but i can transfer funds to it at anytime (in the event of emergency). She can carry the atm card with X amount of dollars on it (so even if it is lost or stolen the dollar amount lost would be minimal, ie, whatever is in the account)
and of course she will carry some cash for those moments where card is not viable option. this gives her the choice and flexibility needed when traveling in today's world.
Most banks want the student to be at least 16 to open account (BofA) but i have heard that Wells Fargo has some other variations on student accounts.. might want to check around.
Hoping in the end this may even teach her a little about spending habits, managing money, etc..
thanks and good luck to all... Jim Piccirillo
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