Save and spend wisely- Kids

Today I am going to be talking about an interesting topic. So we all know about the banking products for adults such as credit cards debit cards, but do u guys know about the banking products for kids ?There are products for kids which I will now explain.

These are a few banking products for kids 

• Custodial accounts- Since children are not allowed to have their own bank accounts this account will be managed by their guardians but it is owned by the child. The guardian/custodian is not allowed to withdraw money for their own purposes. Then when the child turns 18 the account will just be a usual account

• Joint accounts - This is an account which is held by the child and the parent. Parents can put limits to teach their kids how to spend wisely. Money can be withdrawn both by parents and the kid

• This one is known as prepaid debit card which helps your child spend wisely while it also doesn't have any interest

• Trust funds- This is how it works the person who gives the money gets to decide the assets and everything and when that person dies his position is given to the heir

• Education savings account- This account can be used to save money for your kid’s future studies it can be for college or even high school

In my opinion the education savings account and joint accounts are the best .You can save money for your child's future in the education savings account whereas in joint account you can have a mutual financial relationship with your child

Now I am going to talk about apps related to this topic

• Saving Spree-This is an app recommend by everyone. In the practice sessions kids learn about wise money spending. They also explain concepts such as interest etc..

• Celebrity calamity- This is an award winning app which features the spending of the kids favourite celebrities 

• Renegade buddies- This is an app where the child lives an actual life of finance with shopping and things like that

• Star bank adventure-This is an app which combines tricky questions as well as puzzles to improve the way kids spend

According to me all of the apps I have listed are really good since they are one in hundreds and many people have reviewed it.

Please leave ideas for what I should write about next.

Kids spending money on in - game purchases

 Kids as we know nowadays spend a lot of money on games, it might be under the parents will or without.For example there was an article where a 16 year old kid from punjab had spent about 16 lakh rupees from his father's bank account without his knowledge and in my opinion I would say it is pure addiction to PUBG. I don't play PUBG and the most I have spent on games is 400  rupees which I think is the most any minor is allowed to spend

I think to stop this, parents should not have their account details saved in any gadget, so the child can't access it and the other thing is parents should learn to say no to their child or else it will keep on going and it will never stop. Parents should set limits and what not so even if the kids cross or if they don't stick to it they know they have to stop and eventually will.

Other things parents  have to do is to explain what is wrong or right about spending money on game. If the child is playing on a PS4 or Nintendo they can set money limits by restricting the money spent in the console since both the consoles are very child friendly.

 

The bigger problem right now is since kids are in lockdown and schools are closed kids are focused more on video games than anything else to keep themselves occupied.This again leads to kids spending huge amounts of money for in-game purchases. Studies also show even if the parental lock is available only 1 in 5 parents use it. 

There is another option available called family suite which you have to pay for. Using this you can monitor your child’s activity and suppose they want to buy a game microsoft will ask you whether or not to allow it. You will also get all the apps like word,powerpoint etc.The family suite by microsoft gives you one TB storage in one drive so you can share files with your whole family.You can also set boundaries for the websites your child can visit.You can also see where your family members are so you can basically track them for safety issues.