My ex (I call him Santa Daddy) thinks that giving my daughter a credit card will teach her the value of money. Does anyone in the world agree with this moronic idea? This child already has her own cell phone with unlimited minutes and every toy known to man. I thought giving her an allowance would teach her about saving money to buy things that she wants am I wrong? He says the card should be used to buy things that she needs so if I used it to pay utilities I think that would be justified. I work full time and we are not lacking in anything. Can a 5 year old even use credit cards she can barely write her name legibly!!!!!
2006-12-20 01:25:43 · 37 answers · asked by Anonymous in Pregnancy & Parenting ➔ Grade-Schooler
thanks
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2006-12-20 01:36:00 · answer #1 · answered by Tater 3 · 0⤊ 0⤋
If the card is not in her name, she can't use it. I don't think any 5 year old is responsible enough to have a credit card. I think an allowance is the way to go, you are right. I have 5 kids. (10, 8, 6, 3, and 4 months) They all get an allowance, and 25% of it has to go directly into savings. A portion of all money received as gifts also goes into savings. I also make it into a math lesson by explaining their interest and how to watch their money grow.
I think your EX is just spoiling your daughter. At 5, if she already has this much freedom, I'd hate to see what he's doing for her at 16.
But congrats on having an ex willing to do stuff for your daughter. It is, however, quite over the top.
If it's to your discretion how it's used, then by all means, if you need to pay utilities, that's going towards her care. If she needs clothes, use it. But don't let her decide how it's to be used! I just don't think most 5 year olds comprehend the value of a dollar.
2006-12-20 01:33:52 · answer #2 · answered by brianna's mama 2 · 0⤊ 0⤋
Well I am with you on this one....your ex or as you call him Santa Daddy is a complete moron....I have a 6 year old and she gets an allowance....all a credit card does is teach how to charge up debt....if she lives with you take the card away from her and keep giving her the allowance to learn the value of money...this way she will learn how to save and when its gone its gone....by the way I also think giving a 5 year old a cell phone is up there on the moronic scale too.....
2006-12-20 02:14:27 · answer #3 · answered by ? 2 · 1⤊ 0⤋
Your ex is a complete moron. DO NOT allow this to happen. Credit cards absolutely do not teach the value of money, since credit cards are not money. People who know the value of money do not use credit cards, they pay for things with their OWN money. And those who may not have enough money for something they want, well then they SAVE up for it. Saving is the best way to show a child the value of money. Open the kid a bank account at the very most, and give her chores that are rewarded with a small allowance. If she wants something, let her save up for it, that will show her the value of money and teach her responsibility, but then again, it may already be too late.
2006-12-20 14:56:57 · answer #4 · answered by gonad_obrien 2 · 0⤊ 0⤋
I have a good system for teaching the children the value of money.
Is there a shop or canteen at your child school where they can buy their lunch?
If there is, give the child money once a week to buy lunch if she wants to. She gets to keep all the change. If she takes a sandwich from home instead then she gets to keep all the money.
Don't forget, next time your shopping and the child wants a sweet you can say "Yes!" the child has the money you gave her during the week and she can buy whatever she likes with it. This is the important bit. If she has no money she can't buy a treat. Don't give her more money.
2006-12-20 06:53:30 · answer #5 · answered by elsbeth 1 · 0⤊ 0⤋
You have to be 18 to sign a contract, so I would think no she can't use a credit card. If he wants to teach her the value of money maybe a gift card would be better. I agree with you, I think an allowance is the way to go. There are way too many people in debt because they don't know how to deal with their credit cards.
2006-12-20 03:06:13 · answer #6 · answered by kat 7 · 0⤊ 0⤋
5 year olds don't need credit cards OR cell phones.
There are other ways to teach the value of money. For instance, let her earn an allowance. $3-4 a week. Teach her how to save and give to charitable causes.
2006-12-20 02:35:58 · answer #7 · answered by Jessie P 6 · 2⤊ 0⤋
I think your ex should have seriously limited visitation with your child. You have the right idea with an allowance. Your ex's actions although very considerable, are bordering on abuse. He's not teaching her anything by giving a credit card, is she going to pay the bill? Why in the world does a 5yr old need a cell phone? She's not going anywhere with out you is she?
2006-12-20 01:30:54 · answer #8 · answered by Chrissy 7 · 2⤊ 0⤋
ohh wow i would love to be that 5 year old
i agree with you on this one
i like the allowanace idea
how can a 5 year old see the value of money if all she has to do if swipe the card
by giving her money she can see how the $$ goes away when she buys something and she can also see when she has saved a lot of $$
i wouldnt give her the credit card..
2006-12-22 17:54:07 · answer #9 · answered by xWill_Smith_Luverx 2 · 0⤊ 0⤋
Personally...I think he is CRAZY! And, I used to work retail..if a 5 yr old came up with a credit card I would probbly just laugh as I called my manager.
I agree with you on the allowance thing. That is what we do with my kids. (My son is 14 and Im just now thinking of getting him a PREPAID cell!) lol And, yes, if the card is to be used for her needs..then go on and use it to pay a bill. That is a need, right??
Daddy needs a reality check and FAST! Little princess is gonna grow up and its not gonna be pretty either. Keep a hand on it mom...sounds like you have a great head on your shoulders. She is gonna need that when she is older..someone to look at as a positive role model and sorry to say, I really dont think daddy fits the bill here.
2006-12-20 01:33:09 · answer #10 · answered by ? 1 · 3⤊ 0⤋
i have to agree with everyone else= no way on the credit card. even if it was legal, a 5 yr. old would spend it on everything they see on TV! she could use her cell phone to call and order stuff! (just kidding, i think you have to be 18)
i have heard some people use a checkbook register and maybe fake checks to have their kids keep track of allowances , and spending. i will probably try that when my kids are older.
2006-12-20 04:13:34 · answer #11 · answered by mahz85 2 · 0⤊ 0⤋