Today is allowance day at Casa De Stuffy and it got me to thinking. It would be really cool to install a ATM like device in their room that I could load up once a week or so. That way the kids could use to get their allowances, lunch money and the like. Maybe it could even have a limiting feature for when their allowance is reduced by screwing up. I also though that this method would help them learn to save money, or pool money when they want to get new X-Box or Play Station games or whatever.
Anybody know how to build one on the cheap? I checked E-Bay but no way am I spending 1200 bucks for it. Anybody else thing this would be a cool ideal?
Hmmm…I believe something like this is available. One of my coworkers was hunting for one around Christmastime, and the description he gave made it sound basically like an electronic piggy bank that functioned like an ATM.
He did eventually find it. It was on the pricey side for a kid’s bank (something like $50 - $70), but it sounds like it may be right up your alley.
If no one else comes up with the answer, I’ll have to ask him about it on Monday.
Haha maybe this is cuz it’s late, but I think it would also be funny to put in the funny quirks in the home ATM that sometimes happens with the normal ATMs. Like “cannot read card” “error” and things like that. Teaches the kids how the deal with frustration as well as how to save money, etc.
This may not be exactly what you’re looking for, but it would accomplish the same thing:
Visa produces a prepaid card specifically for parents to give to teenagers. You manage the account online or by phone. You can set up automatic transfers of a certain amount per week or month (such as for allowance).
The kid can use the card anywhere he could use a Visa card (including ATMs to get cash, I assume), and you can track the spending online. It’s the Visa Buxx card.
Don’t know how old your kids are, but my Uncle actually set up bank accounts and ATM cards for both my cousins when they reached age 10. The older one just hit 13, so his ATM card is going to become a debit card.
The kids have an ATM near school, my Uncle tranfers their allowance electronically, and everyone loves the system. He couldn’t wait until the younger one was old enough to handle his own account - no more allowance fights!
I had heard of the Buxx Card, but I was trying to avoid the hassle of the fees associated with it until the boys reach High School. My oldest is 13 so we have some years yet.
I like what Kythereia posted it sounds almost like what I want. I wonder if there’s a US version.
I wouldn’t want to compete with the wife.