Allowance tips: what Parenthackers are doing
The comments on my post detailing my family's allowance strategy were FULL of practical advice and fantastic suggestions. (As usual. This is such a smart community.) Thank you to all who joined in...it's so helpful to hear about how things work in other families.
A few highlights:
Joe: "We keep track of kids' money with a manual check register."
Debbie and LaurieM use the Money Savvy Pig piggy bank to physically separate money into different categories.
3BoysMom: "We track our kids' allowance on an Excel spreadsheet. Each child has their own tab. It keeps a running total with columns for earned, spent, available spending money and savings and charity money. The Earnings calculate automatically each week. When they actually buy something, I deduct it."
Jess is looking into the Money Trail app for Android. (Let us know how it goes, Jess!)
Jessica's best-laid plans are complicated by the grandparents, who slip the kids money!
Joanna: "When I was a kid I didn't get allowance. My money came from holiday and birthday gifts plus household chores occasionally. Anything that I wanted that was considered 'big ticket' (ice skates when I was 7, a car when I turned 15), my parents split the cost of with a top end limit and I could borrow my half with minimal interest against future 'earnings'. I plan to do the same with my kids, who are still babies. Having to come up with 1/2 of everything I wanted went a long way toward my money education."
Lori uses EEBA (Easy Envelope Budget Aid), an app for Android and the mobile Web.
I encourage you to read through the full post and comments to get the full benefit of everyone's wisdom. The conversation continues!
More: Allowance hacks