It is the nightmare of all parents, as your kids grow and they venture regularly out of site it can be worrying thinking what are they up to? Are they safe? Do they have enough money to get home in an emergency? A lot of these worries can be alleviated with a prepaid account and in this short guide we’ll explain why.
No carrying cash
With street crime a very real threat these days more and more people are relying on plastic to pay. It has never been considered safe to carry around wads of cash, but these days most people have less than a £20 note in their purse or wallet.
Topping up a prepaid account with your child’s pocket money takes away the threat of robbery or loss. If they lose their card it can be replaced, a £10 note can’t. If they have no money in their pocket it takes away the danger of it been stolen.
Track their spending
By topping up a prepaid account for them you can see what they are spending on. If it something that you feel is inappropriate, you can act accordingly. Every parent has the worry that their child could give into peer pressure and start drinking and smoking, by tracking their spending you give yourself a degree of control over this.
If you see them withdrawing the money out every week rather than spending on their card, you can investigate why!
Top them up in an emergency
A parent’s worse nightmare is worrying that your child is unable to make their way home safely. If they have overspent and ran out of money, with a prepaid card you have the peace of mind knowing you can top them up wherever they directly from your own bank to ensure they can return home safe.
Some prepaid card providers such as icount Money offer a free Euro or Dollar currency card with their accounts. Using a currency card whilst on holiday is a safer alternative to taking cash. You can load their card with some holiday spends and let them go and explore whilst you relax around the pool or on the beach!
Have you ever given your child a prepaid card to use?