In the past when I have written about chores I always get questions about allowances and paying for chores too. Whether you pay for chores or give your kids allowances or not, all kids must learn to manage their money wisely-as soon as they start getting money. When my kids were babies we got them divided banks that had 4 sections long term savings, short term savings, spend and tithes & offerings. Every time they got money we went to the bank and divided it up 15% in tithes and offerings 35% in long term savings at The Children’s ISA, 30% in short term savings and 20% in spending. This made it easy for my kids to learn at an early age to set financial goals and contribute to them regularly as well as managing their weekly spending.
That was16 years ago now there is Three Jars, a financial website for families. The concept is similar to our old divided banks; you have 3 jars-spend, save and share. Parents organize the jars and how much goes into each jar. You can set up chores and special projects for payments too. There is a secure website for the kids to use to manage their money and every change or transaction must be approved by the parent.
My one caution with Three Jars is to make sure you are setting the money aside for each child. Whether you have a separate bank account to keep the money in or if it is in an envelope in your family safe, make sure the money is available. When your child wants to withdraw some of their money, the answer can never be…”We don’t have that much right now.” I have seen this happen time and again with parents who promise allowance or payment for chores and then when payday arrives they can’t pay their kids. Please don’t do this to your kids, you need to be fiscally responsible too.
You can start a FREE 2 week trial of Three Jars by clicking the link. Will this be handy for your family??
I’m all for paying allowance and giving opportunities to earn more. The only requirement I have is that 10% goes to the church. My daughter is a pretty good saver, but this could be are really good tracker.![My Profile](https://themommaven.com/wp-content/plugins/commentluv-premium/images/littleheart.gif)
I’ve got a link party about allowance going on. I’d love it if you linked up this post.
Thanks!
simply heidi recently posted..Family Work: Allowance, to Pay or Not to Pay
This sounds pretty cool. I’m going to have to check it out.
Wow! What a wonderful tool. Looks very nice!![My Profile](https://themommaven.com/wp-content/plugins/commentluv-premium/images/littleheart.gif)
Lindsay recently posted..Safari Towels #Giveaway
My sons have piggy banks but they dont get to just spend whatever they have in there. I need to look more into the 3 jars. Thanks!![My Profile](https://themommaven.com/wp-content/plugins/commentluv-premium/images/littleheart.gif)
Shanaka recently posted..Food Lion #Coupon Deals 8/24-8/30
The online sites make it easier to manage and keep track of so many things. Children’s money is a tough one to do. I can use all the help I can get.![My Profile](https://themommaven.com/wp-content/plugins/commentluv-premium/images/littleheart.gif)
ConnieFoggles recently posted..Clue Harry Potter and the Deathly Hallows Edition
i love that idea!!![My Profile](https://themommaven.com/wp-content/plugins/commentluv-premium/images/littleheart.gif)
pammypam recently posted..Preschool, the UK and Trifle
Awesome! Thanks for this. I’ll go check it out.![My Profile](https://themommaven.com/wp-content/plugins/commentluv-premium/images/littleheart.gif)
Kelli recently posted..Review: Tao of Motherhood