How Debit Cards Build Experience
If your child has a savings account, consider getting a debit card attached to that account. Most kids know how to spend using credit cards and debit cards but have no sense of how to maintain a positive bank balance and the effect of compound interest. By linking a debit card to their savings account, your kids will quickly understand the relationship between card use and a dwindling account. Make sure your kids track their balance online and get in the habit of monitoring the status of their account − that’s another great habit everyone should establish.