PayJr Visa Buxx Program For Teaching Teens Financial Responsibility
September 27th, 2007 by fhop29
I recently came across a program that I thought was pretty good. It isn’t a loan at all but its a financial program (that may be stretching it a bit) that’s designed to help your pre-teen or teen kid be more financially responsible.
We all have had allowances, to one degree or another, that we given to us as kids, typically in the form of cash. You had to carefully budget to see how much candy you could get for the money or how long it would take to save up for a new Nintendo game.
That seems not to be the case anymore. With the every increasing credit card debt Americans have, because of how easy it is to get credit, parents are opting to make kids authorized users of there credit cards. Yikes! Now kids simply just have to charge what they want with a complete disconnect to realizing that that money has to be paid back with interest!
There is a new way of instilling old values in our kids and showing them the value of earning the money that parents give them. It is a site called Pay Jr. You can set up a list of chores that your kid has to complete before earning their allowance. (The system nags them to get it done so you don’t have too. . .as frequently!) Everything is trackable and in the process, Pay Jr provides some basic financial education that our children definitely need.
Once they earn there allowance, you place the funds on a prepaid visa card called Visa Buxx. From there they have to responsibly budget there funds because they won’t get there allowance again until they completed their upcoming chores.
Now, here’s a warning to you parents. Pay Jr keeps track of everything you input so your kids also know when it’s time to receive their money! Good way to keep every one honest! LOL
Go ahead and check out the Pay Jr Visa Buxx program to see if this is right for your family. I’m sure that you’ll enjoy the fact that everyone is held accountable and that your kids are getting a good financial education as well.
Tags: money, finances, credit, chores, teen, responsiblity
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This entry was posted on Thursday, September 27th, 2007 at 9:49 pm and is filed under Credit Cards. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
