08.17.23 Money Apps For Kids & Teens / Reevaluating Subscriptions

The Clark Howard Podcast

Clark Howard

Investing, Entrepreneurship, Business

4.6 • 4.9K Ratings

🗓️ 17 August 2023

⏱️ 29 minutes

🔗️ Recording | iTunes | RSS

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Summary

The dominance of plastic and electronic forms of payment has made it more difficult to teach kids money basics. Not using real cash makes money seem like an infinite resource. Spending cards with parental controls has been the marketplace answer with fees attached. Clark discusses a new free offering from Chase. Also, renting goods is trending stronger these days, as all types of subscriptions are getting more expensive. Taken all together, these things can eat up your wallet over time. Clark breaks down the two subscription types with advice on how to reconcile your budget with the choices you have. Youth Spending Cards: Segment 1 Ask Clark: Segment 2 Renting & Subscriptions Of Goods & Services: Segment 3 Ask Clark: Segment 4 Mentioned on the show How Today’s Teens Get More Financial Firepower Than Past Generations This No-Fee Debit Card Lets Parents Supervise Spending - WSJ Venmo / CashApp for Grandkids - Clark Howard Community Best Credit Cards for Students: Top Picks for 2023 Why Clark Howard Is So Excited About His Wedding Band The shift from owning to renting goods is ushering in a new era of consumerism — The Conversation 7 Types of Subscriptions You May Want To Cancel Today How To Manage Your Monthly Subscriptions To Save Money Best Credit Cards for Extended Warranty: Top Picks for 2023 Team Clark Guarantee - Clark Howard Clark.com resources Episode transcripts Community.Clark.com Clark.com daily money newsletter Consumer Action Center Free Helpline: 636-492-5275 Learn more about your ad choices: megaphone.fm/adchoices Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	I'm so glad to welcome you here to the Clark Howard Show.
0:08.0	Our mission is to serve you and empower you to make better financial decisions in your
0:13.3	life.
0:14.6	We got so many questions about how to help kids and teens set up great money habits.
0:22.1	And I've got some new news on that front.
0:25.2	So this whole subscription thing where you basically rent stuff instead of own it from
0:35.0	clothes to cars to who knows what it's a thing.
0:40.9	And I want to talk about how that can just end up like a pick pocket in your wallet
0:48.0	over and over and over again.
0:50.5	We got to talk this through.
0:52.5	So kids and money is so complicated now.
0:58.4	I mean, it's so different than it used to be because in the old days, like 15 years
1:06.5	ago and prior, how did kids get money?
1:11.2	They got this thing called cash.
1:15.0	You had so much cash, it would dwindle right before your eyes.
1:19.8	And then if you were not good at being a good steward of that cash would vanish, right?
1:26.9	And if you were good with it, you would build it over time.
1:31.1	But today, the fact that any of us can take a watch and pay for something, zap or a phone,
1:40.3	pay for it or pull out plastic or whatever.
1:45.6	This erosion of the physicality of money has made it much more difficult to teach kids
1:55.2	the whole idea of spending versus saving and seeing the direct logical consequences.
2:02.8	When somebody does tap to pay with a watch or a phone, you don't feel it.
	...

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