My son just turned 15 last month. Now that he has grown up, he is learning to buy things on his own and spend a lot of money. Lately, we were worried about his spending habits. I and my wife were contemplating about the ways of keeping a check on his monthly expenditure. He was recklessly wasting our hard earned money when he went out with his friends.

Finally, we decided that we would give him a prepaid credit card for his birthday. The new trend of using prepaid credit card is just great. There is no borrowing money from the credit card issuer and then counting interest on the borrowed amount. Now I can keep a check on his expenditure. I fill up the desired balance in the prepaid credit card and give it to him. This way he can spend only the amount that the credit card has.

It is a brilliant way to teach young kids the value of money. I got this useful idea from compareprepaid.co.uk and I would suggest all the parents of teenage kids to adopt this method for their kids.