Category Archives: Teaching Money Skills

Review: FamZoo – Flexible Enough For Every Family

Wrapping up our series on online allowance trackers, today’s post looks at virtual family bank, 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,Continue Reading

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 ofContinue Reading

The Weekly Round-Up: The “I Hate The Claw” Edition

Sigh.  It’s going to be a long road teaching our kids about money. We were in the grocery store on Friday afternoon and the boys are always drawn like magnets to the claw grabber vending machine. I really hate this thing and see it as a total waste of money. The boys were begging forContinue Reading

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 ofContinue Reading

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 jarContinue Reading

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 toContinue Reading

Money Lessons From My Mom

Today’s post was inspired by a question from Jean Chatzky on Twitter this week.   Read on for a lesson for all parents. First some background.  I’m incredibly proud of my Mom.  She grew up on a farm in Ireland and was very bright at school.  My grandparents were unable to afford for her toContinue Reading

The 5% Difference To Kids Allowances That Delivers Powerful Lessons

“How much do you get for your allowance each week?” I asked T. “Three dollars,” he replied promptly. I looked at my husband. “Well, that clinched it,” said Z. In fact, T was receiving $6.00 per week in allowance. Following the Spend-Save-Share guidance I’d read about so many times, we had decreed that he wouldContinue Reading

5 Ways Kids Allowances Can Fail – And How To Avoid Them

After The Bathtime Incident last week, I’ve been reading a lot about allowances. It’s clear that our approach is not working – and I think a lot of other parents are facing the same situation. For example, the T.Rowe Price Parents, Kids & Money Survey last year found that the majority of kids spend allContinue Reading

Guest Post: Is Your Kid A One Marshmallow Child or Two?

I’ve got a guest post today over at Raising CEO Kids on delayed gratification and the Marshmallow Test. Conducted in the 1960s, this famous test asked four year old students to sit in a room individually with a marshmallow in front of them. They had been told that if they waited until the researcher cameContinue Reading