Should Kids Have Debit Cards?

Today’s parents often wonder if the decision to give their kids a debit card is a wise one or a foolish one. Can having a debit card teach your kids to handle money responsibly or will it cause them to spend their money too easily? Teaching your kids to be financially responsible as they get older is so important and as a parent it is your duty to educate them, not only through words, but also through your own example.

teenager-prepaid-debit-card-300x199Make The Rules

There should always be a groundwork when giving your kids a debit card. they need to understand hoe the card works, fees that may be associated with it and where the money comes from. It is important to let them know that the use will be monitored and that there are expectations that surround the trust that you are ensuring them with by giving them a debit card.

Set a Limit

Debit card limits are important for everyone. Having a set dollar amount that can be spent daily/monthly is important not only to protect from fraudulent purchases and withdraws, but to also keep spending in check. They need to make wise purchases and learn how to budget their money. As parents it’s important to help them with these decisions and to make budgets.

Be Open to Conversation

It’s important to have an open line of communication with your child regarding their debit card use. This communication pathway should go both ways so that you and your kid can openly discuss any concerns about spending habits and limitations. For example, if kids are spending much more quickly than they should be it’s important to look together at where the money went – what was it spent on? How could it have been spent more wisely? Conversely, if they are not spending the limit let them know how great they are doing and that you are proud of them.


Where do I find my Deposit Information on my Cheques?

Writing cheques is to be something that people just don’t do much of anymore, but sometimes you are required to write them or provide a blank void cheque for an employer. There are codes on your cheques that helps money go to where it is meant to go, here is a break down of what the numbers on your cheques represent:


What are the Numbers on the Bottom of a Cheque?

The numbers at the bottom of your cheques are broken down into different sets.

  • The first set of numbers is the cheque number. When you order a cheque book each cheque will have it’s own number. These numbers help you keep track of how many cheques you have used and where they are being used.
  • The second set of numbers is the Branch number for your banking institution. This is also referred to as the transit number. Each branch has its own transit number.
  • The third set of numbers is the bank number, this number represents the financial institution. Each bank will have it’s own bank number.
  • The final numbers on the cheque is the account number for your bank account. This number is unique to your account and helps banks and employers ensure that money is moved appropriately.