Sub category: Parents
26 September 2018

Managing money in a digital world

As your teens become more independent, it’s good for them to be aware of all the purchases that can come up online – especially the ones that happen without them knowing about it.

Here are some of the most common (and sometimes hard to spot) ways teens can spend money online and how you can help them avoid online charges.

In-app purchases

Though apps are often free, there are sometimes additional expenses to gain further functions. This could include experiencing an ad-free version of the app, extra lives in a game or getting extra content.
It’s important to teach your teens about the presence of these as they can often seem like intangible or inconsequential purchases, but if you do too many they can really add up.

There are a few ways your teen can put barriers on these purchases. For instance on an iPhone you can set it so you need to enter a passcode before any in-app purchase. This gives a chance to stop and think before buying.

Phone data

Help your teens avoid bill-shock in the future by having a conversation about phone data early on. Discuss what costs they need to be aware of when it comes to phone data.

With some plans, if you go over the limit for the month then you are automatically charged a fee, which could potentially throw off a section of your teen’s budget.

There are some easy ways to reduce data usage, such as:
• Turn off push notifications
• Turn off video auto play so Facebook videos don’t play automatically
• Turn off background data usage for certain apps

Teach your teens to review their phone bill each month so they can understand and pick up on any additional charges they’re incurring. Being aware of these is often half the battle.

Online shopping

Online shopping is a great way for your teens to access deals and items they can’t usually get in Australia, but they need to be aware of potential fees. For instance, if you buy from an overseas retailer using your debit or credit card, some banks may charge international transaction fees. They aren’t massive costs, but they can definitely add up and can be a bit of a surprise in the bank statement.

Get your teen to think about an ING Orange Everyday Youth account. They’ll be able to make online purchases and avoid ING international transaction fees, no matter where the retailer is based.

Gaming

If your teen is a gamer, make them aware of the costs that can pop up through online gaming. Many gaming sites and platforms can be a tempting environment for a teen to spend extra money.

Steam for instance is a platform where people can buy, play and discuss games. Since you pay for games with a “Steam Wallet”, which connects to a credit or debit card, it can be easy to lose track of how much you’ve spent. It also often holds major sales which might tempt gamers further.

Help your teen budget for their gaming habit – they could allocate a certain amount of their regular budget to online games and stick to this amount.

Savvy with savings
If you know a teen who wants to get savvy with their savings, show them the ING Orange Everyday Youth Account.

For the curious:

Orange Everyday Youth

Orange Everyday Youth is an account for individuals who are 15 to 17 years old. Joint accounts and overdrafts are not available for Orange Everyday Youth.

Rebate Offers for Orange Everyday Youth Customers

All Orange Everyday Youth accounts will receive the Global ATM Rebate Offer and the International Transaction Fee Rebate Offer. This means that:
• for ATMs in Australia – any ATM fee charged by the ATM operator is paid back to you immediately following the transaction,
• for ATMs outside Australia:

  1. ING will pay back the International ATM withdrawal fee of $2.50 immediately after it is charged, and
    ING will pay back any ATM fee charged by the ATM operator when your transaction is finalised (settled).
  2. While a transaction is pending, the amount the ATM operator charges in fees will be deducted from your available balance and will be paid back to you after the transaction is finalised (settled). ATM transactions made outside Australia can take up to 5 business days to finalise, so that means it can take up to 5 business days for us to pay back overseas ATM fees to you, and
  3. for ING international transaction fees on card purchases – ING will pay back the International Transaction fee of 2.5% of the amount of the international transaction immediately after it is charged. The person you’re buying things from may charge you a separate fee for their services (which we will not pay back to you under this offer).
    This offer may be changed or withdrawn at any time at ING’s sole discretion.

Any advice on this website does not take into account your objectives, financial situation or needs and you should consider whether it is appropriate for you. Before making any decision in relation to an Orange Everyday Youth, you should read the Orange Everyday Youth Terms and Conditions and the Orange Everyday Fees and Limits Schedule available at ing.com.au. If you have a complaint, please call us on 133 464 at any time as we have procedures in place to help resolve any issues you may have. Orange Everyday Youth is issued by ING, a business name of ING Bank (Australia) Limited ABN 24 000 893 292, AFSL 229823.

The information is current as at publication. Any advice on this website does not take into account your objectives, financial situation or needs and you should consider whether it is appropriate for you. Deposit products, savings products, credit card and home loan products are issued by ING, a business name of ING Bank (Australia) Limited ABN 24 000 893 292, AFSL and Australian Credit Licence 229823. ING Living Super (which is part of the ING Superannuation Fund ABN 13 355 603 448) is issued by Diversa Trustees Limited ABN 49 006 421 638, AFSL 235153 RSE L0000635. The insurance cover offered by ING Living Super is provided by Metlife Insurance Limited ABN 75 004 274 882, AFSL 238096. ING Home and Contents Insurance is issued by Auto & General Insurance Company Limited (AGIC) ABN 42 111 586 353 AFSL Licence No 285571 as insurer. It is distributed by Auto & General Services Pty Ltd (AGS) ABN 61 003 617 909 AFSL 241411 and by ING as an Authorised Representative AR 1247634 of AGS. All applications for credit are subject to ING's credit approval criteria, and fees and charges apply. You should consider the relevant Product Disclosure Statement, Terms and Conditions, Fees and Limits Schedule, Financial Services Guide, Key Facts Sheet and Credit Guide available at ing.com.au when deciding whether to acquire, or to continue to hold, a product. Before interacting with us via our social media platforms, please take a minute to familiarise yourself with our Social Media User Terms https://www.ing.com.au/pdf/Social_Media_User_Terms.pdf.

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