Well certainly when it comes to teaching your kids finances, you and your spouse will find yourself in a position where you can help out your kid understand the basics. Now these basics will be understood easily by your child depending on the practical experience you give them.
Can adding your child to a credit card help them?
Yes, it can and no it cannot. There are two ways to it.
Is there a minimum age to adding your child to a credit card?
Yes, the age can be around 15 or 16 depending on different banks and how they operate therefore one cannot say for sure about the minimum age.
How can adding your child to a credit card help them?
What can go wrong is that there can be an added pressure on you to add your child at times when other parents seem to be doing the same, but is your child as money savvy as them? That is what there is to see. There will always be a different side to each child and you never know when your child starts to show signs of independency that are not as good for him or her.
However, it can surely help your child in the sense that at a time when you feel your child may need a credit score, it can get better through your credit score.
Only decide to bring your child into the equation if your credit score is good, otherwise do not bother with it.
Earn rewards through their spending
This may be good for you as you will receive rewards each time your child does a purchase, and added up this would make a sufficient amount for you.
This will make your child discuss money matters with you
When we discuss financial literacy we see that it starts happening at a very young age and therefore adding your child to your credit card could mean that your child could become financially literate in a time lesser than the rest.
This will make your child more confident
Confidence comes at a time when a child is taught that kind of confidence through someone. Who else can be more better than you? In a case like this one, there has to be a lot of confidence involved because it is a case of finances therefore your child will learn in the most practical way.
However, do make sure that you are keeping a check on your child and not letting him or her lose in todays day and age when everything has become so fast and scams are as common as ever. One needs to make sure that scammers are not attracted to your child thinking that they are handling finances at such a young age.
Make sure you let your children know the limit that there is no overspending that they should be doing.
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