Raising financially savvy kids can seem a little frightening, especially when many of us are battling to balance the family books every month. But, it’s critically important that we take the time to teach our kids the value of money and one of the more popular ways to do this is by allocating chores and “paying” for them by handing over pocket money to our children. But the lesson shouldn’t end there – we need to be teaching our kids solid financial skills from the moment they start counting out coins. We love the ‘spend, save and share’ technique that Sesame Street talks about. Through this approach, every time a child is given money or paid for chores completed, the money must be divided up for three specific purposes:
- spend – so they can use this money for fun, to buy what they like or spoil themselves;
- save – this money is to be put away for a rainy day and,
- share – this money is to be donated to charity or put towards a cause they care about.
Of course, the percentages you allocate to each segment is up to you but we like the idea of 60% (spend); 20% (save) and 20% (share). But, because this is DigiKids, we pondered if there were any apps that might make this whole pocket money idea a little more fun and it turns out – there are quite a few! ThreeJars ThreeJars is based on the “spend, save and share” principle and it’s quite a hi-tech way of assigning chores, managing pocket money and getting the whole family involved in managing money. There’s a lot of cool stuff on this site that actually made me a little giddy and I can see how it’ll help kids get used to the idea of managing their money, rather than just blowing it all in one go at the toy store. iAllowance Then I took a peek at iAllowance. This app lets you assign chores, categorise them as complete, assign pocket money and rewards. It also enables you to schedule chores, rewards and other items so you and the kids can plan ahead! GoHenry And then there’s GoHenry. Created in the UK, GoHenry is a damn nifty system, that includes an app, website and even a linked debit card. I can’t imagine it works in SA but wouldn’t it be great to have your teen’s bank account already linked to a system like GoHenry? I really liked the idea of this, so if any of our banks are reading…make it happen? Thanks! Other apps I looked at that are pretty damn cool: