Moving Out

[krash]

Budget Budget Budget.

Cash is better to use because you actually see yourself becoming broke, but debit cards are awesome because you can keep track of your purchases very easily.

Meals can kill the cash so fast if they're not planned right. If you dont have enough food for the week, thats 3 meals a day that you have to pay for outside (4-5 if they're working out), that KILLS me every time. $30 can fly away in a day just on food. Packing meals for lunch saves a crapload.

Then there's wants vs. needs. I'll usually put away $10 or $20 if I have extra and save up for something. But getting used to not being able to buy things you want because you literally can't kind of takes some time.

I reaalllly didn't realize how much I was taking my mom's cooking for granted when I was at home. 3 free meals a day that taste amazing? Thats a dream right now...

[szh]

FWIW, my wife and I gave my son a debit card - tied to his bank account - at the age of 14 a few years ago, to get him to learn how to use the card wisely. He has not disappointed and is quite careful with his money and spending.

They both have checking accounts with debit cards, have had for years. I like the debit cards because they can't spend more than they have. Credit cards, on the other hand, will let you spend all the way up to your limit, regardless if they can pay it off at the end of the month.

The fact that my parents did not teach me ANYTHING about money makes me paranoid. I got into debt when I was younger and it took a helluva long time and lots of overtime to pay it all down. I want our kids to avoid that.

Well, yeah, but your experience is not likely to be theirs - that is a common parenting concern though. . But, since you saw this happen to you, you are ahead of the game when helping your kids!

So, I'd teach them as best as you can about credit and money (not preach - teenagers are notoriously deaf ), and then start by trusting them to do the Right Thing. If you want to start slower, get one of those cards that has a web site you can check the spending on - and monitor them daily for a bit if you feel it necessary.

Z

[szh]

Budget Budget Budget.
Yes, for sure!

Cash is better to use because you actually see yourself becoming broke, but debit cards are awesome because you can keep track of your purchases very easily.

A good point!

Z

[MinisterofDOOM]

Frankly, I got into a BOATLOAD more trouble with my debit card than I ever did with my credit card. Granted, my credit card has a measly $500 limit, but that was probably a month's pay back when I moved out. Meanwhile, my debit card had issues with "hold" charges way beyond the purchase price very often. It was a bank issue, not a "every debit card ever" issue, but it still caused me tons of headache (and drove me to move to a credit union).

The credit card always felt like money I didn't really have to me. I didn't want to use it because I'd just have to pay it back off again. Like drinking from someone else's glass and then filling it back up from your own so they won't notice. An extra buffer that's there for emergencies but not really practical for daily use.