Have you noticed how young people spend money without knowing a stop? Most young people don’t have credit card habits and there are plenty reasons for that. For example, they know that if they spend money now, they will have to figure out the way to restore them later. “Later” is that word that gives them ease. Second, the market is so well-developed that every second there is some commercial or advert that stimulates some need. If you are young and you don’t have a mechanism to ignore adverts and market tricks, you are lost. Imagine that you are 17 years old and your parents gave you, your first credit card from Finty.com, you think that the world is in front of you and you will restore the money later. You will get the same result every time – one very angry parent.
Is it possible to find the best credit card for your kid?
Yes, it is completely possible but you have to develop credit card habits long before your kid is 17 years old. We have gathered some things to help you with adapting your kid to spending money wisely. Every child can be controlled better if he is living with you. So if your child is still listening to you, it is not too late. You should explain to your kid that there is a difference between need and want and to categorize them is essential. For example, people who usually have a lot of debts are not spending money constantly; they make one impulsive purchase at a time. So knowing what you need and what you want will help a lot.
Teach your kids to make regular payments several times per month. A Very good method is showing their own credit history and makes them underline all impulsive things that they have bought. We promise you, next month you will not see this item on the list again. Paying more than one time to the bank is something that will teach them to keep their limits low.
The best thing living with your parents is that there is someone who is taking care of you and your debts. If your kids make some mistakes don’t punish them very hard, the only way to develop debt awareness is to make mistakes and learn from them. If you have to cover some emotional purchase, just do it and make them feel guilty, and we promise you they will not do it again. Watch after your kid’s credit card safety, too. Don’t trust your kid if he is trying to convince you that the game he has wanted so badly was bought with his credit card from a stranger. Don’t forget that your kid will make everything to run from responsibility, especially if you have been taking care of his money.
Best credit card in Singapore for your kid from Finty.com. At first start with credit card Singapore with a low limit. Your kid will adapt to wear a wallet with a card and will not spend more than he can afford. Of course, insist the account have an online bank account and follow his purchases if there is a need, discuss them with him.
If your kid is driving, it is a good idea to give him a gas credit card.
This way he will be responsible for the expenses for his car. If you give them a real credit card, find some with low-interest rate and low annual fee. Credit cards in Singapore are very popular so there is a lot of competition and this is the perfect environment to negotiate better terms. Leave your child to research different credit cards. This is really helpful because he will learn to read carefully and think a lot of having a contract with banks. If you think that your child will choose the first one from the list, you can relax, because there are so many discounts at Finty.com and rewards that he will choose at least several hours.