Banking for kids with Spriggy – like a grown up!
It’s 2017 and as we all know, the way we manage money has changed a great deal since we were kids. So for me now that I have a child of my own who’s growing up quickly, it’s my proud responsibility to now teach him about one of the most important lessons in life – the value of money!
But I have to say as a parent what I have found to be most frustrating thing to teach my son Maximo about managing his pocket money, is that using ‘the old coins in a piggy bank method’ is in reality not how the world of modern banks work today! Those days are well gone where now, living in a digital cashless society means the notion of handling money is no longer tangible to hold what you have in your hands!
So Spriggy comes along and changes all that. It has not only made available to have an account for kids and teenagers which most banks already offer, but it actually gives something more we all use on a daily basis – a debit bank card with Paywave facility with your child’s actual name on it.
It’s the little things that make a difference for a young boy, and to Maximo’s excitement to see his actual name on a card – he felt like he had something a grown-up was only known to have.
So as he sees his dad using a card every day to buy groceries, petrol, or coffee, he now felt that by owning his own card he then thought he had all the money in the world to buy whatever toy he wants because in his mind – you just tap your card and buy anything anytime, right Dad? When I then explained that this card had no money just yet in it until I set up a weekly allowance, that’s when the reality of the money in the digital world came in. Sorry son, tapping away doesn’t come from a bottomless pit of money!
Maximo has learnt so much overtime having his own card. Like the responsibility of security to always keep it in a safe place; knowing how much he can spend by jumping in the app to see his balance; and also setting up goals to buy that Lego Ninjago set his has been keeping his eye on. All this is easily done within the app that he can see at any time, while myself as his dad can monitor and manage with him!
The Spriggy card has not only offered a number of tools a parent can use to assist managing the finances of their child, it more importantly gives them the valuable lessons that can help teach the fundamentals of financial literacy at a young age. This is where I see the most value, as seen in young teenagers and even adults where making money is the easy part, but where it all counts is knowing how to manage your spending and saving once it’s in your account.
As a parent to a parent, get onto Spriggy – your kid will love it! To get started, simply sign up online with Beyond Bank and with an added bonus Beyond Bank will cover the $30 annual fee when you use the code ‘BBASOCIAL’.