The best way to give your child an allowance – just like many aspects of parenting – is a matter of debate. An allowance system that works for one family won’t work for another. Alisa Weinstein – a mom whose creativity and work ethic blows me away – has come up with a new concept…
Category Archives: Reviews
Review: bankaroo, The Basic Online Allowance Tracker
Some of the most popular posts on Growing Rich Kids are the reviews of online allowance trackers – or virtual family banks. One of the latest contenders is bankaroo, which is the brainchild of eleven year old, Danielle Gafni. I love to see kids experimenting with being an entrepreneur so after her Dad, Etny,…
Spinning The Wheel on The Game of Life
“Mom, how much does someone working in Starbucks earn?” whispered M the other day. We were having a rare Mommy and M afternoon while T was at a birthday party and Z worked on the garden. We’d stopped at Starbucks for a treat before heading to the library. “About $8 per hour but they have…
Review: FamZoo – Flexible Enough For Every Family
Wrapping up our series on online allowance trackers, today’s post looks at virtual family bank, FamZoo.com. FamZoo was started back in 2006 by Bill Dwight to help manage allowances for his five children. Friends and family soon got to hear about it and clamored to use it too, starting in 2007. Bill and his partner,…
Review: FamilyMint, The Goal-Focused Allowance Tracker
I almost feel a bit redundant writing today’s review as FamilyMint does such an excellent job producing video guides to its site. To keep things useful, I’ll focus on what I discovered while playing around with the site and also evaluate how it stacks up against the criteria we set at the start of…
Review: How Moneytrail Tackles Allowances
Continuing our series of reviews looking at online allowance tracking sites or virtual family banks, today we’re looking at the new kid on the block. Moneytrail was launched in 2010 by Pam and Frank Whitlock. As parents of four children, including two teenagers, they had experienced first hand the struggle to keep on top of…
Review – ThreeJars: Ambitious But Flawed
When we first started giving allowances to our two boys in Kindergarten, we used three jars – three plastic containers for each of them with their names Sharpied on – to keep their money. We followed the Spend-Save-Share approach and told the kids how much they should allocate to their Spending jar, their Saving jar…
Review: Zefty, The No-Frills Online Allowance Tracker
Kicking off our reviews of some of the online allowance tracking sites out there, I decided to start at the end of the alphabet with Zefty. Zefty is a no-frills website that does exactly what it sets out to do: help kids and their parents track allowances. Opening an account is simple: just enter your…
Which Is The Best Kids Allowance Online Tracking System?
One of the biggest surprises for me when we first started giving our kids allowances was the number of times we would forget to give them their money. A few weeks would skip by and then suddenly we’d remember that it was Allowance Day. Often, a painful retracing of weeks followed as we tried to…
iAllowance for iPhone and iPad
Allowances are a great way to teach kids about personal finance. (Unless you believe Lewis Mandell, a professor of finance at the University of Washington, who looked at more than 50 years’ of research into the effectiveness of allowances and concluded that that they can backfire. Especially if you dole them out unconditionally, in which…
