Our PASS Card experience, Part Two: Our Teen Has a Lot to Learn!
This is a sponsored post written on behalf of American Express and the new PASS Card for teenagers.
Week one with our new PASS Card was interesting, to say the least.
The PASS Card, for those of you who are just joining us, is a prepaid, reloadable card that American Express has debuted as a great way to teach teenagers how to manage their money- without spending beyond their limit or racking up overdraft fees. You can read part one of our PASS Card experience here.
When we presented my 17-year-old with the card, she seemed really excited about it. Since she has a job and is making her own spending money, we decided to put $30 on the card per week for a weekly gas fill-up and $20 for groceries and meals. I thought that since she's a senior and will (fingers crossed) be going off to college next year, she'd benefit from choosing some of her own food and budgeting meals on her own. That was something of a problem for our eldest during her first year of college.
I was thrilled by my stepdaughter's great attitude about her new card- She seemed pleased with the added independence that managing her own food and gas money gave her. She agreed to start a notebook to keep track of how much she'd put on the card each week, and we told her we'd add $50 to the card each Monday.
Three days later, I found the PASS card under a table in our den.
Ummmmm.
Now would be a good time to mention that one of the best things about the PASS card is that we are not responsible for fraudulent charges if it's lost or stolen- and American Express will replace any money that's been stolen from our PASS account. Our 17-year-old has some difficulty keeping up with things (I believe she's been through at least 10 cell phones so far-- YES, 10!-- and don't worry, she replaces them herself when she loses them/runs over them/ drops them in the toilet) and despite her excitement, the PASS card was no exception.
Anyway, I gave her the card again and told her to put it somewhere safe. A couple of days later over dinner, I asked her if she'd had a chance to use it yet.
"Yeah, I bought some coffee with it," she said. "But I didn't write down how much it cost and I lost the receipt. So I have no idea how much money is on the card now."
As I said, this week has been interesting.
I reminded my stepdaughter that the funds weren't for coffee or candy- they were for real, healthy groceries and meals. I suspect my gentle advice fell on deaf ears.
But one thing I um, "forgot" to tell her about this card is that I can track her charges, too! So I'll be checking up on her and finding out exactly what's going on, whether she wants me to know or not!
That's Week One! I'm hoping that by Week Seven, I'll be able to tell you all about a 17-year-old who writes down all her purchases and budgets for/buys what she needs, not what she wants.
Wish me luck!
In the meantime, do you have any good advice for me? I could definitely use it!
And for more information on the PASS Card, check out American Express's PASS Card page, which will give you all the information you need!
Labels: PASS Card
11 Comments:
I feel your pain, we're getting ready for Busy Girl to have to budget gas.
A big advantage a card has over cash is that you're able to see what they're spending money on. My 17- and 15-year old sons have had no issues with their debit cards in the two years they've had them. However, since my 15-yo is so bad about misplacing his wallet, his older brother keeps his card for him, since they are almost always together. I'm trying to wean little brother off from depending on big brother because big brother graduates next June.
Until she is out of your home and officially on her own, she's probably not going to care much about budgeting. Let's face it, we only budget as adults because we HAVE to do it or we can't pay our mortgages, car loans, etc! Life is more fun as a teenager when you can spend what you earn without care.
Busy Mom, OH NO!
And Marsha, that's so sweet that your older son keeps his younger brother's card. That reminds me of my girls at that age. :)
I don't know, Rachel... I had a debit card in high school and I absolutely handled it better in college because I'd had experience- with parental guidance- in high school. My account was overdrawn only one time in all my four years of college.
Maybe try her on some checkbook software? Give her a spare checkbook register?
In an effort to get my spending under control I've started pasting my receipts onto sheets I keep in a binder (Flylady.net). Even though I use QuickBooks to keep by checkbook balanced and bills paid, I don't really "see" the money spent. The binder TELLS ALL! LOL
I LOVE the Flylady, although I'm a little ashamed to admit it. :D Following her e-mail instructions makes me feel a bit like my grandmother!
It seems like only yesterday that I setup a Visa Buxx card for my daughter. She was a junior going away for a school function for several weeks. That card is now with her as she is a junior in college.
For her first few months with the card, I obsessed over what she spent the money on. What I finally came to realize is that if I wanted her to only spend the money on certain things, best to just buy the things and give it to her. If I handed her the money, and told her that it was all she got till next allowance, it was up to her to choose how to spend it.
If you want to enforce the spending habit, you have to control the money flow. SO, my suggestion might be something like "until you can track finances better or make better choices, then no more money". Blackmail, but it works.
However, thats a slippery slope. Once you make that threat....you have to honor it.
Best advice....hang with it. Teaching life lessons to teenagers (i've got a 19.95 year old and a 16 year old) is a tough job. Tough love is called for. Lose the card....maybe not get it back for awhile.
good luck!!
When I was in college my dad put my allowance for gas/groceries etc into my bank account. At the beginning of the year he started me out with a set amount (maybe $100). I was required to save receipts and submit them for "reimbursement" to fill back up the account before the money was gone. So when I had about $70-80 worth of receipts I would mail them to him and I would get that exact amount put into the account.
So maybe if, instead of automatically receiving the money weekly, she HAD to submit the receipts? That way you could also see what she was spending it on and if it's Starbucks you can just say, I'm sorry, that's not one of the expenses we cover.
Five words: Make her read Dave Ramsey. Seriously. Dave Ramsey's book Total Money Makeover is the best anti-debt/responsible living book there is! He even has a class (you can take it on-line too) called Financial Peace University and I've heard that is WONDERFUL for teenagers and college students as well as their parents! I hope she realizes that the card is something to really really take care of or she could be in for a long life of "I don't know how much money I have" which is scary!
Kristi, I wish Dave Ramsey would write a book specifically for teens- I have two of his books, and frankly, I don't know how I'd EVER get my girls to crack them.
And Julie, what a fantastic idea! I love it! It also taught you to save receipts, which my husband and I BOTH have trouble doing now- not fun when tax season rolls around!
Post a Comment
<< Home