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I'm a wife, mother and grandmother. I'm opinionated. I contradict myself frequently. Most of all, I love my kids. I believe in them. I fight for them. They're weird and wonderful. If you want to know more, here's a bunch of other stuff from my old site.

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Economics 7-12

  • by Marisa
  • May 21, 2007

The Chore and Allowance System at PAYjr.com is great for young kids. My 10 year old son, Levi, loves it. I’ve even been able to use it to some extent with my 14 year old daughter and 15 year old son. It really isn’t hard to adapt to your own family. However, my teens and I do find ourselves wanting something that gives the kids a little more conrol while still keeping me at the helm. The answer? The PAYjr Prepaid MasterCard.

I’m going to state right up front that this is not a credit card. This is a pre-paid Mastercard that can be re-loaded with allowance, money from doing chores, gifts or other cash that your teen gets. You child cannot spend more money than is pre-loaded on the card.

Because this is a card with a running balance, the parent has more control than with cash. PAYjr system allows the parent to set up notifications for whenever the card is used. That means that the parent knows exactly how the money is being spent so that any concerns can be addressed. First and foremost, this program is a tool that allows parents to teach their children about finances and the value of money and savings.

Both parents and teens have access to account balances and can be notified by email or text message of any card activity like spending or loading. This system gives parents reassurance while allowing teens some control over their own money. The PAYjr Pre-Paid Mastercard can also be used at ATMs with no fees through the Allpoint network. Naturally, I wanted to know if there are any Allpoint ATMs in my area and was thrilled to find over 150 outlets within 50 miles of my home.

As I looked over the PAYjr site I became more and more convinced that this could be a valuable tool in my teens’ financial education. And yes, I wished it had been around when my older, now adult, children were young. Yet, I wondered about the price. I remembered that my daughter, Maggie, had recieved a Mastercard gift card for her birthday from her godmother this past year.

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