“Mom, can I go back to the bookstore?”

Almost every parent can resonate with the challenge of teaching their children the value of saving. Amidst the whirlwind of school activities, exams, and extracurriculars, instilling the significance of financial responsibility sometimes takes a back seat. Add to this the era of cashless transactions, and things get even more complicated.

The Cashless Challenge:

In their teenage years, temptations to spend lurk around every corner. As their desires grow more sophisticated, so does the urgency to spend. Navigating the cashless realm further tests their patience and discipline.

The dilemma we face is whether to shield our children from this world or guide them through it. If we opt for the former, are we delaying the inevitable? If we choose the latter, how can we ensure they make wise decisions?

Guiding our Teen Through the Cashless Jungle:

We opted to use this period, as our child stepped into his teenage years, as a teaching moment. Teens are already making daily decisions; why not guide them to make informed financial ones?

Strategies for Smart Saving:

We learned that educating children about finances required both guidance and freedom. Here’s what worked for us:

1. Open Conversations: Discussing family finances helps them comprehend the significance of prudent spending.
2. Celebrate Savings: Encouraging them to jot down their savings fosters a mindset of conservation over consumption.
3. Establish Boundaries: Setting weekly allowances helps them manage their finances without constant parental oversight.
4. Prepare for Emergencies: It’s crucial they understand that life throws curveballs, and they must be financially prepared for them.
5. Encourage Generosity: Allocating a part of their savings for charitable causes instills compassion and empathy.
6. Watch the Growth: Regularly reviewing and transferring their savings helps them witness the power of financial growth.
7. Introducing the Debit Card: We introduced our teen to CANVAS, a teen-friendly prepaid Visa card, allowing him to experience cashless transactions first-hand.

CANVAS: The Prepaid Solution:

Crafted by parents, CANVAS is a Visa debit card designed for preloaded funds, ensuring parents can regulate their children’s spending.

The card’s seamless integration with its app offers real-time transaction tracking. This lets our teen view his expenses immediately, allowing for instant budget adjustments. If misplaced, the card can be swiftly deactivated, and it works across multiple Visa PayWave platforms.

On a recent day out, our teen confidently made purchases using his CANVAS card, displaying financial responsibility and maturity. The card not only made him feel independent but also taught him the value of judicious spending.

Why CANVAS?:

1. Early Financial Education: It encourages money management from a young age, using modern technology.
2. Instant Monitoring: The app allows real-time monitoring of expenses, ensuring they stay within budget.
3. No Overspending: Being a prepaid card, there’s zero risk of spending beyond the available balance.
4. Security: The card can be quickly deactivated if lost or misplaced.
5. Accessible Support: The integrated WhatsApp chat ensures help is always a tap away.
6. Widespread Acceptance: The card is compatible with numerous Visa PayWave terminals.
7. Convenience: It negates the need to carry a bulky wallet, minimizing loss risks.

CANVAS is a groundbreaking solution for introducing young individuals to the cashless world, allowing them to experience it responsibly. With CANVAS, parents can maintain oversight while granting their kids the freedom to learn, save, and spend wisely.