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Community News
2017-04-10_17-35-50

“Mom, I want this!” “Dad, will you get me that?” “All my friends have one of those!”

“Mom, I want this!” “Dad, will you get me that?” “All my friends have one of those!”

Dealing with kids’ unending requests and pleas can exhaust any parent. When they’re spending Mom and Dad’s money – the supply seems infinite.

As soon as possible, you want kids to start appreciating that money is a finite resource. Parents can teach that lesson to kids by putting money in their little hands. When kids possess their own money and are faced with having to use it at the checkout stand, everything changes. “As soon as you turn ownership over to the kid, that’s a whole different ball game.

Using prepaid Cards to Teach Good Money Habits

There are many ways that parents can use prepaid debit cards to teach good money habits. First, make sure they get a card with free online and mobile access to its balance and spending transactions. Then, put them in charge of their purchases. If they ask for something in the checkout line, have them check their balances and see if they have sufficient funds. If not, they’ll just have to save a little longer.

Parents can also link their kids’ prepaid debit cards to their online music and gaming accounts so that those purchases are deducted from their own money. No more running up Mom and Dad’s credit cards online!

Parents could also choose to reward their kids for patient saving by granting them “interest payments” every month or so. The more money the kids’ save and keep in their accounts, the more they get from Mom and Dad. This way they learn the value of saving over time.

More and more research is showing that people’s financial habits begin as young children. The bottom line is that parents simply cannot ignore the task of training their children to handle money responsibly.

 By Curtis Arnold

http://www.huffingtonpost.com/curtis-arnold/teaching-good-money-habit_b_5549383.html

 Teach your teenager how to handle money for gas or lunch with the Companion Card! You can monitor the activity from your phone. Learn more by visiting our website at http://bit.ly/2mJyDgl today.
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Holiday Debt? No Way with New Way!

 

I have never been great at budgeting or keeping very close watch of my finances. One of my biggest downfalls is my debit card. I just swipe, swipe, and check periodically to know where my balance is. This a great way to get into trouble financially, which is something I have definitely done. This year I signed up for a New Way Card and I decided to try something out. I don’t know about you, but during the holidays, I have been known to go into debt, splurging on more gifts that I should. I came up with a budget and loaded that amount onto my New Way Card. This meant I knew exactly how much I was “allowed” to spend. Since the New Way Card is accepted everywhere MasterCard is, I was able to use it to make all of my purchases and every time I did, I received a text message with the purchase information and my remaining balance. It worked out perfectly and I started the New Year debt-free.

I have decided going forward that my New Way Card will be used in place of my debit card. I will create a monthly budget for myself and have only that amount to spend. This will help me create some financial accountability. How will you use your New Way Card?

1by Karina Konchalski

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Put Your Spending on a Diet!

We’ve all been there. Up until now, you’ve been keeping your new year’s resolutions faithfully, whether it be eating healthier, having more fun, or saving more money! But as we get further into January, real life steps in and you may have secretly eaten an extra cookie (or five!) or spent a little more than you should have. Don’t fret. We’ve got some tips on how to easily get back on track with your spending.

  • Keep track of what you spend and on what. We’re not kidding – write down all of your expenditures in a given amount of time – say, two weeks. Choose an amount of time that makes sense for you and your routine. Do you notice any surprises? You may not think about two or three dollars every day on a morning coffee from the newsstand, but after two weeks, that could add up!
  • Set a reasonable goal for yourself. Have you had your eye on a new handbag or the latest electronic device? Or do you just want to put more money in your rainy day fund? Establish your goal and set your budget. Maybe this means saving 10% of each paycheck. What would it take to do this? Perhaps it’s as easy as bringing coffee from home, or packing a lunch once a week instead of eating out. Trim your goal off your monthly budget, and at the end of the month you can see your savings grow!

We know what you’re thinking. Easier said than done, right? Our last tip may help you most of all.

  • Sign up for a prepaid debit card. Not just any card, but one that will allow you to allot a portion of your paycheck to the card with no fees. Give this card a specific purpose. For example, if you’ve determined that you can spend $100 each month on entertainment, load the card with $100 and only use it for just that. When the card is empty, you’re done spending for the month. Get a card that will keep you on track with text messages and an easy online interface, and it will be that much easier to monitor your spending! Now that you’re paying attention, you may just end up with extra money at the end of the month! Bonus!

The New Way Card is a prepaid debit card that is accepted anywhere you see the MasterCard sign. Receive text message alerts, manage your balances online, and even load your paycheck via direct deposit without the pesky fees financial institutions can charge. The New Way Card can help you keep your spending under control and make your savings grow! Learn more about its benefits and how you can sign up and get on your New Way!

We don’t know how to stop you from sneaking that extra cookie, though!

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