Today’s post is a video version of yesterday’s popular post: Put Some Pain In Cashless Teen Payment With Instant Notifications.
Can’t see the embedded video? Watch here.
Hey, Bill here. As always, thank you for the nice mentions on social media.
Studies confirm people spend less when they use cash. Why? People feel more emotional “pain” and a sense of loss when they part with physical money. Cashless methods like cards and electronic wallets feel relatively “painless.”
So here’s the problem: like it or not, our kids are making more and more transactions online. Cash simply doesn’t fly there.
So how do we as parents manufacture some tangible pain around cashless payments to keep our kids’ spending in check?
Instant parental notifications. Find a payment solution for your kids that let’s you set up instant activity notifications that can be delivered to multiple family members. That means mom and/or dad can receive a text message as soon as Junior swipes the card. Now Junior knows a questionable purchase will likely lead to an immediate, painful interaction with mom or dad. The notification arrangement will certainly give Junior some pause before each swipe. And that’s a good thing.
Now, is this invasive parental meddling? Some might think so. But I think it’s more about establishing transparency, accountability, and mindfulness — especially for inexperienced spenders. Think about it: Should your kid really be buying anything you can’t discuss openly?
Instant parental notifications put a little pain in your teen’s cashless transactions.
I say: No pain, no restrain.
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