New Website Says “Bill My Parents!”
Posted 04 Jun, 2009
With summer upon us–and those last months of preparing college-bound students ticking away–many parents are thinking long and hard about how to begin teaching their children how to cover their own expenses.
Last month I shared my thoughts about whether or not parents should be footing the bills for their college-graduate children, but what about students who are still in high school?
Credit Card Envy
It seems that the consumer culture in our country is infecting younger and younger children, and that craving to buy has shown up in the statistics about rising debt among college students. But those of you with younger children know–it isn’t only college-aged children who want to use a credit card. Whether it is an iphone or a minibike, high school (and younger!) students have plenty of wishes they hope will be granted by your credit card.
Bill My Parents?
A new website called Bill My Parents (http://www.billmyparents.com) is offering a new option for parents who don’t want to turn their credit card over into the young and eager hands of their children.
Here’s how it works: The parent signs up for a membership and adds an authorized credit card to the account. Then the student can sign up for an account linked to his or her parent’s. Instead of granting carte blanche on credit spending, the site then allows its young members to shop their Amazon-powered store for everything from prom dresses to Blackberry phones.
Then what?
Simple: They click a button that says “Bill My Parents” and the item is sent to the parent for approval. If Mom or Dad approves it, the transaction goes through. If not, there is no charge to the parent’s credit card, and the child has to keep saving up his or her allowance.
The Bottom Line
While the idea may seem sound in theory, BillMyParents.com is really little more than a glorified wish-list (possibly even worse because it allows the child to put more buying pressure on his or her parent by sending request after request!). Its store is also limited, so it doesn’t really eliminate the problem of your student asking for a credit card to shop the mall.
Perhaps worst of all, this method of ask-and-recieve (or deny) still fails to teach children anything about fiscal responsibility. A better solution would be to follow the traditional allowance strategy: Let your child work (or do chores for you), save, and buy their new Nintendo DS out of their own pocket. He or she may not like it now, but it is a valuable lesson in how money works in the adult world.
Remember, the better prepared our children are when they’re out on their own, the less likely they will become “boomerang kids” and the better they’ll feel about themselves.
All the best,
Deborah Fox
Deborah Fox is the founder of Fox College Funding®, a nationwide company that helps families find creative ways to reduce their college costs.
photo by woodsy
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With summer upon us–and those last months of preparing college-bound students ticking away–many parents are thinking long and hard about how to begin teaching their children how to cover their own expenses.
Last month I shared my thoughts about whether or not parents should be footing the bills for their college-graduate children, but what about students who are still in high school?
Credit Card Envy
It seems that the consumer culture in our country is infecting younger and younger children, and that craving to buy has shown up in the statistics about rising debt among college students. But those of you with younger children know–it isn’t only college-aged children who want to use a credit card. Whether it is an iphone or a minibike, high school (and younger!) students have plenty of wishes they hope will be granted by your credit card.
Bill My Parents?
A new website called Bill My Parents (http://www.billmyparents.com) is offering a new option for parents who don’t want to turn their credit card over into the young and eager hands of their children.
Here’s how it works: The parent signs up for a membership and adds an authorized credit card to the account. Then the student can sign up for an account linked to his or her parent’s. Instead of granting carte blanche on credit spending, the site then allows its young members to shop their Amazon-powered store for everything from prom dresses to Blackberry phones.
Then what?
Simple: They click a button that says “Bill My Parents” and the item is sent to the parent for approval. If Mom or Dad approves it, the transaction goes through. If not, there is no charge to the parent’s credit card, and the child has to keep saving up his or her allowance.
The Bottom Line
While the idea may seem sound in theory, BillMyParents.com is really little more than a glorified wish-list (possibly even worse because it allows the child to put more buying pressure on his or her parent by sending request after request!). Its store is also limited, so it doesn’t really eliminate the problem of your student asking for a credit card to shop the mall.
Perhaps worst of all, this method of ask-and-recieve (or deny) still fails to teach children anything about fiscal responsibility. A better solution would be to follow the traditional allowance strategy: Let your child work (or do chores for you), save, and buy their new Nintendo DS out of their own pocket. He or she may not like it now, but it is a valuable lesson in how money works in the adult world.
Remember, the better prepared our children are when they’re out on their own, the less likely they will become “boomerang kids” and the better they’ll feel about themselves.
All the best,
Deborah Fox
Deborah Fox is the founder of Fox College Funding®, a nationwide company that helps families find creative ways to reduce their college costs.
photo by woodsy
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Subscribe by Email
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