When the older children each turned 11, which was the youngest age our bank would give them a debit card, we opened a bank account for them to start paying an allowance in to with the aim of teaching them how to budget their finances.
For us it has worked well and lessons have been learned along the way about saving for things they really want. Probably our best saver was Kian who religiously squirreled money away to save for a laptop after we agreed to match whatever he saved, but we have recently hit a problem.
With the massive rise in gaming where you have to pay online to get add-ons etc we found that Kian was not only throwing his allowance away on such games, but he was also using is lunch money for school for it too. As you can imagine we were not impressed by this and began giving him his lunch money in cash again to stop him wasting his money online.
Thankfully Osper came to our rescue at just the right time!
Osper is banking for young people. Kian gets a debit card that we can top up and the card can be used in shops, at cash machines and online. The real benefit of the card though is that both Kian and I get an app that allows us to track spending on the card together.
Osper is a safe and secure way for young people to spend money and save for the future or for something special. You can set up an Osper allowance once and never worry about giving kids cash for their pocket money and can send instant loads from anywhere – could prove handy in a sticky situation or even invaluable in an emergency.
The app gives you visibility to spending and you can block inappropriate merchants online – something you couldn’t do if they had a normal bank debit card. There is also no way to go overdrawn or incur any bank charges. The card is free for the first three months, then just £12 per card per year which comes out of the parent’s account, not the child’s.
I think it is a brilliant idea and I much prefer having an app to check what Kian has been spending his money on rather than waiting for his bank statement to come through as he is not able to sign up for online banking until he is 16. The app also stores his pin number so he can log in and check what it is if he forgets.
The Osper debit card, is embossed with Kian’s name, is a completely safe and secure way to spend and he can use it anywhere that MasterCard® debit cards are accepted. We received it just in time for Black Friday and he spent some of his money on the new G2A game for his Dad for Christmas as it was half the price it was in the shops.
I am going to be completely honest and say that he wasted the rest of his money on online gaming, however, I was able to see this and do something about it by switching off the ability of the card to be used online. It is frustrating as a parent seeing your child lured into gaming like this and I know all too well how addictive these games can be, but being able to do something about it now to stop him wasting his money is a huge relief!!
Although we were sent the Osper card with a £50 balance to review, we will be paying Kian’s allowance into this rather than his bank account for the foreseeable future so we can help him manage his money better.