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Basics of Allowance Banking: Money Saving Advice for Children

June 3, 2015

When it comes to handing over the cash, most experts say to pay the children with tangible money. This makes the concept of accumulation easy to grasp, particularly if you use transparent jars to store their money. In some of my research, people used envelopes, while others used software systems. In my own home we have piggy banks that the children have each decorated based on the goal for the bank – the Give piggy has a cross for church, the Save has a bank on it, and the Spend has candy and toys. Customizing your own money saving advice it makes it more real for children, and helps them remember where that money is headed.

 

If you’re looking for a more modern solution, a variety of technologies—both apps and desktop software—have been developed to tackle the dissemination and management of allowances. The more sophisticated programs will let you custom-build your whole program depending on what schedule or budget you choose for your child. To get around the problem of parents forgetting and children nagging, most of the programs have an automatic weekly allowance add (though with many you have the option to do this manually).

 

Recommended Allowance App Solutions:

Allowance Manager Pro

bankaroo

FamZoo

iAllowance

PiggyBot

Three Jars

 

However you decide to handle disbursal of allowance funds, make sure you have an understanding with your child about how their allowance is going to be tracked and how they will access money that is designated for spending. Keeping something like a ledger is great to teach children about the checking account they will someday have, but make sure that you have some sort of deposit and withdrawal system in place. While it is more convenient for your child to access their money if it is kept in jars, piggy banks, or envelopes, that also makes it easier for them to misuse their money, hence why giving them proper money saving advice is necessary to the proper development of budgeting techniques.

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