On a recent podcast, Clark mentioned Venmo/Cashapp as a way to transfer gift money to grandkids, etc. As someone who has never really used those types of apps, how would that work on the kids’ end? How ould they access the money to spend it? Do they have to have some sort of child bank account that they are linked to? Is it common these days for kids to have those apps? Can they get actual cash easily or a linked no-fee physical debit card they can use almost anywhere?
So our kids both have Venmo and have the Debit card. We transfer them money from our Venmo, which is linked to a bank account. They can then spend the money using the Venmo Debit Card. My parents will also Venmo them money for special occasions.
This is a very common strategy…
Probably depends on the age of the kids…teenagers? Sure. An 8 year old? No way.
That said, I won’t use any of the cash apps.
I have my VENMO set up with a credit card and not my checking account. It works great this way…I can only send out money, but that is how I send gifts to my family and friends.