Setting up Allowance (Bank) System....

iVillage Member
Registered: 01-18-2006
Setting up Allowance (Bank) System....
1
Sun, 12-28-2008 - 12:39pm

For the new year, I'd like to set up a new "allowance" system for my 2 girls --- ages 10.5 & 13.

I was thinking of making it more of an "account" like thing where I don't need to make it so much CASH based --- as
that they'd have an ACCOUNT with me-
and could make withdrawals for special purchases.

It would avoid me having to have cash on hand -
and they could learn banking as well.

Anyone do this? or have an idea on how to better work this? or even know an official teaching packet I could use for this?

iVillage Member
Registered: 01-06-2006
Sun, 12-28-2008 - 8:22pm

Great idea... There is a book called Money Doesn't Grow on Trees that you might be interested in. Rich Dad, Poor Dad is another book I've found helpful. They're more about parenting and money than a specific allowance system though. I use Moonjars for my kids. They're a three part bank - save, share, and spend. I liked the idea of having them set aside money for all three purposes because that's what I'd like them to do as adults. There is an associated website (moonjar.com) that might be helpful here. This system does involve cash though you might be able to write the dollar amount on paper and put the paper in the various partitions.

I know other parents who have a separate envelope or small wallet/id case for their kids gifts cards and cash in their purse to keep things from getting mixed up. This avoids the "can I borrow $$? I promise I'll pay you back when we get home" and then the inevitable "discussion" about how much it was and whether or not it was paid back.