Getting your kids to earn an allowance and properly managing them is a good practice as it provides them a sense of financial responsibility at a young age. There are many tools available that can let you manage and track them efficiently.
Irrespective of how kids are paid allowances, it is important to ensure they learn the skills of managing money efficiently from a young age. In general, there are three schools of thought with regards to paying kids an allowance: kids should be given an allowance unconditionally, paid when needed or should be paid an amount in exchange for doing chores. As such, there are different types of allowances to pay kids each of which has its pros and cons. Nevertheless, it's best to teach kids to manage allowances at home as opposed to learning them at school.
For those parents that decide on paying allowances for chores, it is important to find an efficient way of assigning and tracking chores so the kids can easily manage their allowances. In most cases, assigning chores for an allowance is a great way to motivate kids to earn money. There are many apps to track chores and assign them to your children. Apps such as Homey lets you easily communicate to your kids which tasks are paid and which are not. It also provides a clean dashboard if you have to manage chores for 2 or more kids.
Being a great parent involves using methods that effectively let your kids learn money management and budgeting skills along the way.Hence, a great way to do that is to provide your kids with the right tools such as apps to track allowances and manage their savings. For instance, Rooster Money provides a platform for calculating allowances for kids to ensure they have enough to spend but also that they are able to save a certain amount too. With regards to payments, you could use a tool that syncs with your bank account to let you easily transfer allowances to kids.
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