SALT LAKE CITY — Abigail and Alice Geppert are excited that Utah has a hockey team.
They were so excited when the team was introduced at the Delta Center earlier this year that they were actually among the fans in the stands. Their dad (Matt Gephardt of KSL-TV) was busy working in the plaza outside for the TV station across the street, but at least he had the foresight to give them a little cash to bring for snacks.
“We were having a good time and wanted to get some Dippin’ Dots,” Abigail recalled.
But unfortunately, they were sent home without their precious fake ice cream treats.
“She basically just said they don’t accept cash,” she explained.
Yes, as their lazy dads will remember, the Delta Center joins a growing list of establishments that ban cash, a trend that’s creating demand for alternative forms of payment.
Other options
One such alternative is BusyKid.
“We built BusyKid to give kids experience with money before they face the financial challenges of college,” says Greg Marsett, CFP, owner and CEO of BusyKid.
He said the benefits of the app and accompanying debit card go beyond being able to use Dippin’ Dots in a cashless store: The app gives users the option to split the money between spending, saving, donating and even investing.
“They learn how to make money and manage it in the right way,” Marsett said.
He says he sees this as a better alternative than simply giving children access to credit and debit cards, for example.
“Children need to learn that when they swipe their card, the numbers change and the money goes away,” he explained.
After a bad experience at the Delta Center, Abigail’s father offered her a debit card from a competitor of Busy Kid’s.
“The great thing about this service is that you don’t get any change back,” she says.
So far, she seems to like it.
“It’s good because it gives you money to spend and then you can save it and use it when you’re older,” she said.
Some debit cards designed for kids can be set up to send push alerts to your phone, so you, the adult, can instantly know whenever the card is used to buy Dippin’ Dots or anything else.
