From Frank Ramey Plan Now Financial

April 28, 2020

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Teaching Kids About Cashless & Online Finances

Brought to you by H. Frank Ramey, Lincoln Financial Group

In an increasingly digital world, your kids will need to know how to handle their finances online and how to responsibly use debit cards.

Start teaching with cash

More and more consumers use cards and mobile devices to conduct everyday financial transactions. Start lessons with real money and work into the online world. By the time kids are five years old, they can have an allowance, and you should open a joint savings account. Kids should learn to make change, so pay allowances in cash.

Your child’s savings account

Explain that banks hold both real and virtual money. The money your kids deposit will allow them to save for things they can buy, with your permission.

Once the account is established, go online and let the kids see their deposits. This will help them make the connection between the real money they deposited and the balances they see online.

ATMs and spending

By age seven, kids are ready to understand electronic spending. Set up a checking account and debit card and allow your kids to use their money. After the account is established (jointly with you and your child), go online together to see their money in their accounts.

Take them to an ATM and help them withdraw money. It’s a great time to explain the fees that may be involved. Also, explain that each debit card has a PIN that allows someone to deposit and withdraw money from his or her specific account. Your children should memorize their PINs when they get older and never share their numbers.

Next, go online to show the kids how each withdrawal and fee were subtracted from the checking account balance. Encourage your kids to check the math to make sure it’s correct.

Explain debit card purchases

The idea of making purchases with a debit card can be introduced when your child is in middle school. Make clear that a debit card may look like a credit card, but money must be in your account to use it. In fact, you can only use your money; you can’t borrow any that you don’t have. Explain that a debit card serves as a way to buy things instead of using cash.

Preparing the next generation

We live in a digital world, and it’s our job as parents and grandparents to prepare the next generation. Remember, money involves teaching your values and life skills—nothing more, nothing less.

*The content of this material was provided to you by Lincoln Financial Securities Corporation for its representatives and their clients. This article may be picked up by other publications under planner’s bylines.


Exp. 12/22

About H. Frank Ramey

Frank Ramey is the founder of Plan Now Financial in Bumpass, Virginia. He entered the financial services industry in 1976 and has built his successful practice assisting business owners, professionals, and families plan for themselves and for those they care most about.

Frank spent many years in the Warrenton and Fauquier County region of Virginia and has recently relocated to Bumpass, Virginia, where he continues to serve his clients and cultivate new relationships in the Greater Lake Anna and Central Virginia regions.

Also committed to his community, Frank is the past president and current foundation chair of the Warrenton Rotary Club, member of the Lake Anna Business Partnership, and member of the Louisa County Chamber of Commerce.

Frank is a family man who is married to the love his life for over forty years, Sandy, father to two wonderful daughters, and grandfather to five amazing grandchildren. Frank also enjoys nature, hunting, and an occasional round of golf.

Frank maintains the following industry credentials:

  • LUTCF – Life Underwriter’s Training Council Fellow Designee
  • CRPC – Chartered Retirement Planning Counselor Designee
  • AAMS – Accredited Asset Management Specialists Designee
  • FINRA – Series 6, 63, and 65 Licensures

Frank is additionally a graduate of the following schools and continuing education programs:

  • Huebner School of Financial Planning
  • American College of Financial Planning
  • Life Underwriting Training Council
  • College of Financial Planning

Building Confident Financial Futures…

When was the last time you had a private, meaningful conversation about quality of life in your retirement years? When have you reviewed all of your insurance and investment vehicles for your family, your business or your practice? How about what you wish to leave as your financial legacy?

These are not simplified topics and there are a myriad of choices… so what’s best for you and your loved ones? At Plan Now Financial, we have spent decades providing solid, financial advice supported first with compassion and understanding.

With more than 35 years in the financial services industry, we have the experience and knowledge to give you tailored, personalized services designed with you and your goals in mind.

We are dedicated to helping you:

  • Identify Your Goals
  • Educate You
  • Develop Your Financial Plan
  • Implement Your Financial Plan
  • Update Your Plan Regularly

Plan Now Financial Services

2420 Kentucky Springs Road

Bumpass, VA 23024

Office (540) 872-9777; Cell (540) 272-9799


Securities and investment advisory services offered through Lincoln Financial Securities Corp., a broker-dealer (member SIPC) and registered investment advisor. Insurance offered through Lincoln affiliates and other fine companies. It is not our position to offer legal or tax advice. We encourage you to seek the advice of an attorney or accountant prior to making tax-related investment and/or insurance decisions. Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. LFS-2951424-021320