Ask These 3 Questions to Your Kids Before Getting Them a Debit Card

Debit cards for kids are apparently a thing now. Before our children shortcut learning how to spend, how in the world do I start the right conversation about money at the right time with my kids? Money can evoke both positive and negative feelings depending on the role it played in our own upbringing. Nevertheless, one of our primary jobs as parents is to guide our children on the path to financial health. Here’s three simple questions to start the journey with your kids.

1. How can we keep our money safe and use it well?
2. What’s something you want to buy but don’t really need?
3. If you had $100, what would you do with it and why?

Using Money Well

You want to provide your child with the knowledge and skills necessary to make wise financial decisions as a parent, and one of the greatest ways to do that is to get them acquainted with the concept of saving. What have you saved for in the past? Were you glad you saved for it? What would you like to save for next? GravyStack introduces step one of savings by having your kids the Quick Goal Mission, where they identify something under $250 that they think they can save for in two to four weeks.

Want But Don’t Need

When you kids buy something, do they critically think if what they’re buying is needed or just wanted? In Level 1 of GravyStack, we introduce critical thinking as they play the Wants vs. Needs mini-game. This game is a fun way to help them start to identify necessities versus impulse purchases and how the two differ.

$100 to Spend

If you just gave your kids a $100 bill, how would they spend it? You would probably be surprised. I did this with my then 7 year old son. He told me he wanted to give it away to “kids in need”. This was especially interesting because he had earned all the money starting his business. Regardless of what your kids say they want to spend it on, it gives you both a starting point to consider your current perspective on money and what direction you want to head.

So the next time you see a debit card for kids commercial or ad, remember, meaningful conversations are a much higher priority to getting started. They don’t need to spend a dime until they (and you) have begun to critically think about basic questions like these.