Your holiday is the perfect time to start teaching the teenagers how to manage money and stop them from constantly coming to you for more.
We’ve got the perfect tool to give your kids (13 years and older) a little financial freedom whilst you stay in control of how much they spend.
With a FairFX Family and Friends Card you’re in charge. Load your teenager’s card by moving money from your own FairFX Prepaid Mastercard® with just a few taps on the FairFX app onto their card. And move the money back just as easily if you need to.
Here’s why we think you should give teenagers a little bit of financial freedom this summer and where to start building the trust:
Teach teenagers how to manage money
The teen years are full of many important life lessons but managing money should be high up on the list. Your kids are probably starting to demand more expensive clothes and gadgets, so now would be a good time for them learn where the money comes from to buy these things.
A part time job is always a good place to start. If they want to buy something expensive, they’ll need to work hard for it and maybe even save up over a few months.
But what about managing money on a micro level? They also need to learn that even the smaller purchases add up, too many ice creams one day means no money left to have another ice cream the next.
FairFX Family and Friends Cards allow you to give your teenagers their own pot of money, on their own card, that they can decide how to budget for themselves.
With a Family and Friends Card you don’t have to give your kids access to your whole holiday budget (or your life savings for that matter), you can give them access to however much you like. Once they’ve worked their way through that little pot of money you can decide whether you want to give them some more money or wait until the next day…a daily, weekly or whole holiday budget will teach them to not burn through it all at once.
Safer than cash
Giving your kids a few cash notes each day is also a pretty easy way to give them spending money but carrying a Chip and PIN Mastercard is far safer. Ultimately if they do misplace the card, no-one can withdraw money without the PIN number and you can quickly transfer any money off the card back to your own.
Carrying a card also gets your teens ready for the cashless world that we’re heading towards. Rather than counting coppers they can keep an eye on their spending and remaining balance via the FairFX mobile app.
Hassle-free travel money
No need for them to nag you for a card top-up. Transfer money on and off their card whenever you need to.
Use the FairFX mobile app and website to load money on to your own FairFX Currency Card and then transfer money to your teenager’s card in a few taps. It really is so quick and simple to move money between cards.
Link multiple Family and Friends Cards to your main FairFX Currency Card and manage the whole family’s holiday budget from the FairFX app.
Find out more about linking additional cards to your prepaid FairFX Card and how you can share holiday spending with ease on your next trip.
FairFX Family and Friends Cards