PKTMNY is a tool that parents can use to help kids manage their money. By doing away with cash and putting their children’s allowances on pre-paid debit cards instead, parents can track where their money is going and provide guidance on how their kids can make their money go further.
Rather than handing over a $20 bill when your teenage daughter asks for money, send her a list of tasks that she can complete to earn money through the PKTMNY platform. Tasks can include things like cleaning her bedroom or taking out the garbage. Assign a dollar figure to each task, and transfer the money she’s earned from your account to a pre-paid debit card when her jobs are complete. You can also set up recurring transfers or one-off payments. PKTMNY debit cards can be personalized and set-up with spending limits to prevent your child from spending more than a certain amount (selected by you) on a single transaction or within a single week. You can also place limits on how much your child can take out from her card at the ATM and whether or not she can place orders online.
When your child sets savings targets or adds items to her wish list on the PKTMNY app, she’ll be able to track her progress toward reaching those goals and solicit contributions from grandparents and other close family friends. Friends and family members can also add money to a child’sPKTMNY card in lieu of cash gifts around Christmas time and birthdays.
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