Tips to Prevent Teenagers From Using Parent's Credit Cards

1. TIPS TO PREVENT TEENAGERS FROM USING PARENT'S CREDIT CARDS In today's world, kids learn about using banking cards quite easily. The presence of virtual platforms and shopping apps helps kids find their favorite items online. Within a few clicks, they can purchase an item online. Money is an essential part of a transaction that involves the purchase of goods. Parents often find it difficult to rein in their kid's overt spending habits. If you are finding it tough to control your child's frivolous expenses read on to know the reason behind their affinity towards credit cards. The new era of instant payments apps The banking world is shifting towards the virtual platform, making it easier for customers to carry out financial transactions efficiently. With payment apps and quick gateways, you can carry out several financial transactions anywhere. A person doesn't have to pay any money, and the source account does not bear any debt with credit cards. The purchase amount is like a debt that you should pay back within the stipulated time. Your kids are attracted to the credit card because they know it does not involve cash payment and no direct debit from the account. It offers them a discreet way to spend money and get the things they want without your permission or prior knowledge. The most common reasons for children to use their parents' credit cards include the following: ● The allure of the online gaming world is irrefutable, and kids often purchase the full version of the games with credit cards. ● They want to enjoy the thrill of using cards for making purchases. Kids are not well acquainted with the financial world and often find it thrilling to make purchases that involve cashless transactions. ● Teenagers are often secretive, and they don't want to share the type of things they want to purchase with you. ● They often fall prey to Ponzi schemes and use credit cards in the hope of making big profits. As parents, you have to be alert about the misuse of your credit card. Your credit report can give you a fair idea about debts that you have incurred. Parental control applications can also help you monitor the kid's misuse of your cards. Teaching children good financial habits As parents, being strict about using credit cards is not enough. To aptly discourage your kids from making frivolous purchases with your credit cards, they should know about the ill effects of using credit cards carelessly. Read on to know more about how to handle financial mismanagement caused by your children: ● Ask them to share their money for making the purchase: Teenagers are often attracted to expensive things. It is sensible to ask them to pay from their earnings/allowance for that

2. object. It will make them realize how much you have to shell out for such an unimportant purchase. Give them Children's Bank Cards: Teenagers are not allowed to have credit cards, but you can give them debit cards. It will satisfy their wish of having a cashless transaction facility at outlets or online. But as the amount gets debited from their bank account, they will be less inclined to overspend on insignificant items. Allow them to earn: Parents often give teenagers allowances for their expenses, but it is prudent to encourage them to get the money out of their pocket to pay their bills. Do encourage them to look for age-appropriate job opportunities. It will help them learn to earn, which will help them understand the value of money. ● ● Hence, it is essential to remain alert about your children's buying habits but teach them the dangers of online scams that can hamper them. Original Source - https://www.muvin.in/blog/5L2qad6ZQXCrkH1zWOS3N3