Wednesday, January 25, 2017

Bill Kids Weekly For Their Share of The Best Deal

Teen enjoying music with siblings

Pay up front, save a bundle. Lots of services offer kids a reduced rate for committing to an extended time-frame in advance. Buy the 6 month World of Warcraft subscription instead of paying monthly, save $24.00 per year.

The problem: lots of kids can’t afford the up-front cost, so they take the cheaper, but ultimately costlier, pay-as-you-go option.

Pay as a group, save a bundle. Lots of services offer a reduced group or family rate. Pay $14.99/month for the Spotify family plan instead of two regular plans plus two student plans, save $179.64 per year!

The problem: lots of parents pick up the tab for the whole family, while the kids pay nothing. Suddenly kids develop the mistaken impression that shared services are free.

The solution to each of these problems?

Buy the best deal for your kid — up-front or family plan. Then bill your kid each week or month for the appropriate partial share. If your kid has an online account, automate the billing to eliminate the hassle of remembering.

Lots of parents are doing this with their kids on our family finance site. Parents are billing their kids for cell phone plans, Wizard 101, Xbox Live, Roblox, Minecraft Realms, Fantage, Club Penguin, Animal Jam, World of Warcraft, iCloud storage, Apple Music, Spotify, Marvel Comics Unlimited online access, Netflix, Hulu, Gamefly, WORLDteen, Six Flags season passes, gym memberships, sports team fees, musical instrument rentals, the Yousician music teaching app, access to the family car, pet insurance, you name it.

Try the approach in your family.

Your kid learns about pricing plans. Educational.

Your kid and your family get the best deal. Frugal.

Your kid pays their fair share. Accountable.

It’s a good deal all around.

Want to turn these tips into action? Check out

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