When our kids hit age thirteen, we set them up with bank accounts. We wanted them to start understanding how to save, make purchases, and spend within their budget. This has worked out pretty well, and with the mobile connectivity of today’s bank systems, I can easily transfer money in and out of my kid’s accounts.
But what happens when one of your kids is not into material things and she never spends a dime? What if she just saves and saves, and sometimes has more in her savings account than you do? Well you rejoice that said kid is probably going to save herself from massive future credit card debt and a car she can’t afford. You promote her as the shining example to your frivolous spender kids, who put manicures and lattes above all else.
And then one day, saver kid goes on an East Coast School Trip and she has no access to her pile of money. Why? Because no one thought to check the expiration date on her bank card. Because she’s such a non-spender, the fact that her card had expired three months ago went undetected. Because as parents we have a gazillion other things happening with work and pets and our other kids that a simple “finances in order” check before leaving for a trip was discounted because it wasn’t us taking the trip.
Complete. Parental. Fail.
Nothing like an 11:00 pm frantic call from your fifteen-year-old, on layover in Seattle and about to head for NYC with only $200 in her pocket. Great. That’ll buy her, what, like four hot dogs? I’m sure there are a few options to remedy a situation like this, but you gotta know kid #4. She has high anxiety, and this is the first time she has been on a trip without a parent. We needed a resolution that would be quick and easy, otherwise this trip was going to be over before it even started.
Enter Venmo. I just learned how to use it myself a few weeks ago. Yes, I’m late to the Venmo game. I will always be late to any tech game. But my husband is fluent in Venmo. A quick transfer of funds to the head chaperone’s bank account and crisis averted. Now kid #4 can buy as many hot dogs, I heart NY t-shirts, and commemorative license plates as she desires.
But then again, she probably won’t. And all of this panic will have been for nothing.
Keep it Golden, Girl. Even when
you send your kid clear across the country with damn near empty pockets.