As a parent you will always worry about your child – it’s not something that stops when they have their first day of school, or when they become a teen, and probably gets worse again when they move out.
You can be torn between wanting to make sure they will always be provided for, and not be without while not wanting them to be too reliant upon you.
But how do you strike the right balance?
Many parents set aside an amount of money for their children so they can know that they have money for them in case they get short.
A way to provide this safety net, in a way that retains their independence but still will insure you don’t get out of pocket is to get a prepaid credit card. These are similar to gift cards, in that you can load them with money and then only spend the money on there.
The difference is that it has a magnetic strip and has an individual’s name on it. You can compare prepaid cards at Totally Money to see which suits your situation best. However, the bonus is that you cannot go overdrawn on it, and it is not linked to your personal bank account.
This means that you don’t need to have sleepless nights worrying that your dear child may have dropped their card whilst on a night out or that they may accidentally go over the amount you have set aside for them.
A prepaid credit card, for many parents and students seem like the best way to keep everyone happy.
Parents can decide on a yearly balance to load it with, not have to worry about spending more than they’ve set aside or that their account details may be at risk. Students have a safety net, but can feel independent as they don’t have to approach their parents for an extra hand out.