Over the years I’ve taught my daughter many things. Reading, telling the time, how to put on make-up, ride the bus, behave socially and even how to drive! She’s taken my lessons and run with them, developing her own style along the way and she’s turning out to be a very smart and eloquent young lady. Part of her education for the last few years has been around finances and money – learning how to earn it, budget it and spend it – she’s taken to the latter skill the best!
Until now she’s had her pocket money in cash every week but when we were invited to take up the Osper Orange Challenge and have the exclusive chance to try this system out for ourselves, we jumped at the chance to make her money digital and letting her spend from the pre-loaded card.
Osper provided my daughter with a MasterCard that had £50 credit so she could try her hand at budgeting and so we could discuss money management together. I’m pleased to say that she did very well, here’s how she got on.
On a recent school INSET day she made plans with a friend to go shopping. Armed with her pre-paid Osper MasterCard she set off with a shopping list. She wanted to pick up a Christmas gift for two of her friends so Lush was their first stop.
As the Osper card is a pre-paid debit card and not a credit card, there is no way that the child can spend funds they don’t have. There is no overdraft or credit facility on this card, you simply spend whatever amount is on the card. During the day my daughter purchased food on the card and even something from the pound shop so smaller purchases are ok too. Her first spend on the card was at Lush for three bath bombs, costing a total of £11.40. At the till she got her PIN number mixed up and had to ask the sales assistant to re-set the transaction to allow her to correctly enter her PIN but after this initial hurdle using the card, she was well away!
After popping to Greggs for a quick bite the girls went to New Look where my daughter treated herself to a top she’d spotted with 25% off! Before she set off for the day we had a quick lesson on which way to insert her card in the shop so the chip goes into the reader and she asked me a few questions about shops in general. Later that day we discussed her choices, why she bought certain items and her reasoning behind it. I was pleased that she had seen a few tops she liked equally but decided to purchase the one that was on sale. She says she’d prefer the sale item so you get to keep more of your money! Smart kid.
After the fashion shopping they decided to get some Christmas cheer with a festive coffee from Costa’s new season menu then off to Poundland for some Christmas cards. The Osper system combines the child’s debit card with an Apple or Android app which both the parent and child download so the parent can load the card with funds and keep an eye on what is being spent. My daughter found this app very useful listing its good points as:
Her only negative point was that the app logs you out every time you close it meaning you have to sign back in with username and password each time you go back into the app. I can see why the app does this for security as it is a financial services app, but given the amount of times my daughter had to log in during the day to check her PIN, I can also see why she found that annoying!
They rounded off the day with a trip to Boots for some body spray before coming home to arrange this flat lay of all the products bought! That’s another thing I’ve taught my daughter – photography staging, although it’s her who teaches me how to take a selfie!!
What is Osper?
Osper is banking for young people. Your child gets a debit card that you top up, the card can be used in shops, at cash machines and online. You and your child get an app that allows you to track spending on the card together.
This is a safe and secure way for young people to spend money and save for the future of for something special. You can set up an Osper allowance once and never worry about giving kids cash for their pocket money and can send instant loads from anywhere – could prove handy in a sticky situation or even invaluable in an emergency.
The app gives you visibility to spending and you can block inappropriate merchants online – something you couldn’t do if they had a normal bank debit card. There is also no way to go overdrawn or incur any bank charges. Free for the first three months, then just £12 per card per year, this comes out of the parent’s account, not the child’s.
Having the Osper card is a great way to open up a dialogue between parent and child about budgeting and financial decision making and also a way to teach financial responsibility.
To order your own card visit Osper.
I have been researching children’s current accounts from banks recently and of course a bank account for my daughter would come with a debit card and it wouldn’t cost to run – the kids can get free banking. However for most UK banks the child would need to be 11 year old whereas an 8 year old upwards can get their own Osper card. Here is how the app keeps track of the child’s spending:
Keeping track on spending:
Disclosure: Thank you to Osper for sending us a £50 debit card to trial this service and bring you our findings. All opinions are my own.