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How To Decipher Purchase Locations In The Digital Era

UberEats transaction in San Francisco
“This Uber Eats charge must be fraud — we don’t live in SF!”

Have you coached your child on what to expect when it comes to reviewing card transaction descriptions?

If not, they might think a transaction is fraudulent when it isn’t.

A classic point of confusion: as more purchasing moves online or in-app, the city or state mentioned in a transaction description is increasingly unlikely to reflect the physical location where the purchase occurred. Instead, it often maps to the business headquarters of the merchant far away from the point of sale. That’s why, no matter where you use Uber Eats, you’ll see the following in your transaction history:

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How to Conduct a Year-End Financial Review With Your Child

Prime Charge Through Magnifying Glass

Now is the perfect time to sit down with your child and conduct a year-end review of their finances. If delivered diplomatically, a gentle audit will nudge them toward better fiscal habits in the year ahead.

To set the right tone for a candid exchange, I like to break the ice by confessing one or two boneheaded financial mistakes of my own. Like when I wasted a gazillion dollars on an unnecessary storage lockerfor 13 years! Hey, we all make financial mistakes, right?

As you browse through your kid’s transactions from the past year together, here are a few things to look for and discuss:

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How To Manage A Teen Clothing Budget

Parents often ask me how to teach teens budgeting basics. My favorite approach takes a page from the envelope budgeting system playbook, but with a digital twist.

In the traditional envelope system, each category of spending has its own labeled envelope stuffed with the budgeted allocation of cash for the month. Purchases must be funded with the cash from the appropriate envelope. So, all clothing purchases come out of the envelope labeled “clothing”. Super simple.

For the digital twist, replace cash-stuffed envelopes with automatically loaded FamZoo cards. So, all clothing purchases come out of the card labeled “clothing”. Still super simple. And it works in today’s online world where cash is no longer welcome.

When introducing teens to budgeting, I recommend keeping things narrowly focused. No need to overwhelm. Start by choosing just one envelope outside of everyday spending. Clothing is typically an excellent choice for teens.

Here’s how to get your system up and running: