Budgeting with Osper: The Debit Card for Children
I am rubbish with money. I’ll admit it, I am a spender not a saver. It literally does burn a hole in my pocket and I swear I can actually hear my debit card screaming ‘spend me Tracey now, let’s go shopping please….’ every payday. It’s something I have definitely improved with as I have gotten older but when I got my very first wage I literally had no idea how to budget.
Ever since Olivia was young I have always tried to explain to her that I don’t always have the money for treats and sometimes we can’t always buy things we want to. I still don’t think she fully grasps the concept but I want her to be more responsible with money than I was.
When the lovely people at Osper got in touch and asked if I would like to try out their new mobile banking app for kids I thought this sounded like a great idea. Let me tell you a little bit about it……..
So parents order an Osper prepaid Mastercard for their children and download the app (currently available on Apple app store and Google play). The card is free for an initial 3 months then parents pay £12 a year if they like it. Children never pay a penny. Within the app you are able to directly load money, pocket money for example, directly onto the card, especially handy nowadays with less people carrying cash on them, and even set up regular payments to top up the card. With alerts and the ability to check your balance you and your kids will always be in control of their spending. The Osper card is suitable for children from the age of 8 as oppose to debit cards from the bank for ages 11+
Olivia was really excited to get started using her card and as I thought wanted to spend it all at once on dolls! But after having a little chat we came up with a shopping list and a challenge to see what she could get with her money. She had a £50 limit, which was loaded onto the card for us to write about our experience using it, and she needed to get as much as possible.
I left on the option to use online but parents can switch this option off, and before I knew it she had a basket full of goodies at H&M. But what she really wanted to do was to physically spend it in a shop using a chip and pin machine so we headed to Primark orange card in hand.
Olivia’s Shopping List.
- Winter Boots
- Christmas Day outfit
- Jumper
- Leggings/Jeggings
- Dress
- Christmas Eve PJ’s
She was actually very careful about what she was getting and kept asking if she had met her limit yet and I was pleased she was taking her budget seriously for once. She didn’t manage to get everything on her list despite the above mini fashion show in a Primark changing room, but we did get,
- Boots
- 2 x jumpers
- 2 x leggings
- PJ’s
- Handbag
- Trilby hat! (totally impractical but she looks adorable in it so I couldn’t say no!)
Verdict: I was really impressed with the card and feel more than happy for Olivia to use the card knowing I can control how it is being used and that she can actually only spend what is on the card. I will keep on using this for Olivia for any future pocket money, shopping trips and for myself and family members to top up for birthdays etc. One of my favourite features is the way you access the pin in the app, no more worrying about forgetting the number and waiting for a replacement through the post.
For more information and to read other parent’s testimonials including Davina McCall head over to Osper now.
Comments
This is a great idea!! I can see that it worked pretty well!! Look her happy face. She is so pretty!! I guess I would have to think about this ideas for when Bella is a little bit older. Thanks so much for sharing this at #KCACOLS! 🙂 xx
Awww thanks I think she is really pretty too (so biased lol) It is something to look at when they reach his age, Olivia loves it thanks Franca xx
Ooops popping in from #KCACOLS
Great way of letting kids learn about money and budgeting. She looks so happy in the photos too!
She was she had lots of fun and enjoyed using the card to buy more clothes!
What a good idea and it obviously worked. It sounds like it was a fab treat for Olivia too #KCACOLS
She really enjoyed it especially trying lots of new clothes on x
Great idea, it’s so important to teach kids about budgeting from as young as possible and this sounds like a way of doing it that will make them feel grown-up and enjoy it! 🙂 #KCACOLS
I agree and it is a great way of helping kids do that x
It sounds like a great idea – I think the card aspect makes it all seem more ‘grown up’. x #KCACOLS
I really like it too it really does seem more grown up which Olivia likes about it x
Sounds interesting. My daughter loses cash really easily so this would save that problem.
Olivia is the same she loses almost everything so I feel better with her having the card as oppose to cash
This is a fantastic way of showing how children should manage money. Loved the sequin skirt
It was a lovely skirt however a bit too long for her so we passed!
I do like this idea, great for helping kids to be able to budget early on and get into that mindset. I also love the mini fashion show, well done, Olivia! x
Well she does like to pose and what a perfect opportunity!
These cards are really good we have one that works the same but with a different company, my daughter loves being able to use it in shops
Olivia loved using it she felt so grown up she said x
What a great idea!
I am crap at budgeting in general too, but next year I am going to be so much better with it.
I am so bad but I want Olivia to be better but so far she is just like me!
I absolutely love this idea. Makes so much sense to help to teach children about spending responsibily from a young age xxx
The earlier they know the better!
This sounds great! I love the idea and would love to this a go. My son is too young so perhaps when he is older unless something new is in market by then. Cheers for sharing
It was great for Olivia she really enjoyed using it x
Wow, not sure about this! On one hand, I think it’s bad to teach children about consumerism this young. But on the other, it’s good to teach them about managing money from a young age. I think there is a better way than this though. This feels very..adult. However, it works for you – fair play!
Olivia seemed to really like having the card and it worked for us I think kids need to learn this from an early age these days x
This sounds like an amazing idea. Kids need to learn about money earlier than they do now. Good job.
It definitely helped Olivia understand more about how to manage her money