We all want to teach our kids good spending habits. But did you know that gift cards are a great way to teach financial literacy to your kids? Regardless of whether you’re giving a gift card for a special occasion or a holiday – or just for the heck of it to help kids build financial literacy and develop good spending habits – gift cards for kids are a great money tool. Kids think they’re fun, and you can use them as great teaching tools. Plus, there are a wide range of gift card types, and helping them shop with their gift cards makes for great family experiences. We’re going to share our four favorite gift cards to teach kids financial responsibility.
Gift cards can also be part of your child’s budget – so if you haven’t tried our Budgeting Tool for Kids, download it now and see how you can fit gift cards into their spending plan.
What makes a gift card good for teaching good spending habits to kids?
Let’s get inside our kids’ heads for a moment, shall we? Kids love certain places more than others. They love our Target Runs. They love anything we can order via Amazon Prime. They (sometimes) love a good book or two. And they love to make up their own minds and make their own purchases when allowed.
Giving your child a gift card can be a precursor to giving them a prepaid debit card like the ones from GoHenry, or direct access to your own checking account.
By giving your kids gift cards instead of cash, you’re helping them visualize the debit card experience, and illustrating that they can only spend what their limit is on the card, and no more. The concept becomes less abstract.
Gift cards for kids are the perfect beginner tool to teach fnancial responsibility and learn good spending habits. We’ve pulled together the perfect round-up of gift cards that will help you teach them money skills while keeping them interested along the way.
Here’s our list of the best gift cards for kids to learn good spending habits:
1. Amazon Gift Cards
I don’t know about you, but my kids LOVE my Amazon app. They love to favorite the items that they want to buy (or want me to buy for them). They like to make birthday and Christmas wish lists. And truthfully, I don’t mind it, because then I always know what they’re really into at any given point. It makes my life easier!
One great thing about Amazon gift cards – or any gift card, really – is that you can choose your denomination. And on Amazon, so much of their merchandise is generally low cost. So, this means that it’s a great place to grab a gift card and show your child how to spend it wisely.
If I decide I want to give my child a $10 Amazon gift card, this could equate to one or two small toys for them. It’s an easily accessible purchase.
2. Target Gift Cards
Target gift cards are awesome, too, because us moms visit Target approximately 500 times a week. LOL! So there are ample opportunities to bring the kids along, to use their Target gift card and have fun deciding how to spend it.
Target offers so many things your children can purchase for themselves. Toys, art supplies, project kits, clothing, and even treats are on the table at Target. There’s nothing to dislike about this, except that you may never get a solo Target Run in ever again!
The only downside to Target is that you may not get out of their for a menial $10, as with Amazon. I’ve always found that when in the store, my kids gravitate toward the more expensive Legos or fgurines. But if you’re good at directing your children toward the less expensive items they can purchase, this is still an easily accessible option.
3. Barnes & Noble Gift Cards
Whether your kids love to read – or whether they must read their 30 minutes a night for school as my children must do – there’s no question that kids need books. And once you can find that magical topic that piques their interest, you’ll have no problem finding some books to entertain them.
Giving your kids a Barnes & Noble gift card is a way to show them how to responsibly spend their money on something that actually makes them smarter. Getting those reading minutes in is 100% proven to make them better readers. And there are so many types of books that can teach them new skills, so they’re constantly learning while also being entertained.
I fnd that taking my kids to B&N and allowing them to walk the aisles in search of their next read helps them open their mind to all the various genres of literature available to them. With a gift card to Barnes & Noble, your kids will learn that they can invest in their knowledge – which will pay them back in dividends!
4. Visa Gift Cards
Last on our gift card list – but certainly not least – are Visa gift cards. These are great, and possibly for a child with a little more experience in budgeting their money, because they come with a wide world of options. Using these types of non-store gift cards will really test their ability to prioritize and make smart spending decisions. Start with smaller denominations and get larger as you feel your child becomes more responsible with his or her allowance or earned income.
Lessons Learned by Shopping with Gift Cards for Kids
Gift cards are a great way to teach your kids how to spend their money and save for the things they really want. They’ll have the opportunity to actually pay for their goods, which really helps bring home all the points of why it’s so important to be financially responsible. If they don’t have enough money to buy the things they want – then they simply cannot. But if and when they do, then it can be a joyful experience.
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