Welcome to NerdWallet’s Smart Money podcast, where we answer your real-world money questions.
This week’s episode starts with a discussion about five financial tasks to take on this fall.
Then we pivot to this week’s money question from Renee, who emailed us their question:
“I’ve seen a few debit cards for kids, where parents can transfer allowances and teach money management. Do you have recommendations for which one to use? I have a 9-year-old and would like to get her started on money management.
Thank you!”
Check out this episode on any of these platforms:
As we head into the final few months of the year, take on a few small tasks to make sure you’re in good shape with your money. Start by checking in on your money goals for 2021. Then look into your tax withholdings to ensure you’re on track to cover your tax obligations for the year. After that, get prepared for the holiday season by shopping for presents early. To round up your to-do list, see if you can top off your for the year and start thinking about your financial goals for 2022.
When it comes to , know how to use these tools to teach your children about money management. These can be used to distribute allowances or pay for chores around the house. Many are joint accounts that the parents can control.
To find the right kid debit card for your family, start by looking at the institutions where you already bank. Opening one at your current bank or credit union may be the easiest way to get started. There are also a number of apps that offer kid debit cards. Try to find an account that doesn’t have monthly fees.
Beyond kid debit cards, you can management by having regular conversations with them about your family’s finances. You can also help them establish financial goals to help establish good money habits.
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