Today’s fantastic family finance article is:
The folks at GamenGuide share yet another horror story of a kid going to town with in-game purchases on his parent’s credit card — to the tune of thousands. Ouch! There’s a very simple solution (assuming you don’t want to charge your own child with fraud to get the money back):
- Get your kid a reloadable prepaid card.
- Load it periodically with a gaming budget.
- Link the card to your child’s gaming account(s) instead of using your own card.
Bingo. Armageddon (and just plain old overspending) avoided. Any attempt to overspend on the card will be met with a declined transaction. Your credit card will thank you. Your child will learn what a budget is. Win, win.