Keeping a handle on household expenses can be a chore, especially when it comes to handling physical money. While the use of credit cards can make your finances easier to track, pocket money for children is often given in cash. With cashless payment quickly becoming the norm for groceries, movie tickets, meals and transport, it makes perfect sense for children to go cashless too. If you’re looking for a debit card for kids, the Canvas expense tracking app and prepaid card is a solution that allows them to make age-appropriate purchases without keeping parents in the dark.
A prepaid card for children and teenagers
Canvas is an alternative to a debit card for kids that helps streamline household expense management. Parents can order up to ten cards for their family and top them up to a combined value of $1,000. Your kids can also use the card while travelling abroad – and there’s no minimum age required to hold one.
Because Canvas is partnered with Visa, children are free to make online purchases as well as contactless transactions in stores. Purchases made with the prepaid card are reflected on the app instantly and children and parents alike will be able to view the amount spent and merchant. This transparency allows younger family members to develop a sense of financial independence while remaining accountable.
You can also lock the card directly through the app if it goes missing or if you wish to restrict spending.
An expense tracking app and prepaid debit card for your helper too
If you have a helper at home, chances are you frequently hand her money for household expenses or use a cash kitty system. With the many household expenses that helpers are likely to handle, it can be hard to track your spending. With that in mind, this prepaid card and its expense tracking features are also a great way to manage your helper’s spending.
Why did the founders create Canvas?
“There were a number of scenarios that myself and the other investors were experiencing that made us look for a solution,” says Georgina Bullworthy, Managing Director of Canvas and a mother of two. “We were all fed up with having to make frequent trips to the ATM. We’d also lose track of how many times our kids have asked for ‘just $10’. There was also the problem of our helper’s petty cash running out, resulting in one of us having to go to the store after a busy day.”
But it’s not just parents who love the card. “In our house, when the kids are heading out we now make sure we have these three important things: mask, TraceTogether token and Canvas prepaid card! They also feel very independent using the cards.”
“My 13-year-old now uses public transport and plans his own meetups with friends. He’ll grab some food, head to Bounce or even the cinema. My 10-year-old loves working out how much pocket money she has and where she can spend it! We even put her birthday money from family overseas on it so she can choose her own gift,” adds Georgina.
Ready for your household to go cashless?
Signing up with Canvas is a quick and hassle-free process. To create an account, the only documents you’ll need are your Myinfo login, NRIC or FIN number. After account creation, you’ll have the opportunity to invite your children or helper onto the app for easy expense tracking. You can top up the card using PayNow, credit card or a bank transfer. When the funds go through, simply transfer the required amount to the relevant cards.
New sign-ups will enjoy a 30-day free trial. After that, Canvas costs just $2.99 a month for each prepaid card.
Sign up with our link and get $10 credit for each new card!
Written in collaboration with Canvas.
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