allowance

Tool For Tracking Children's Allowances Online
Money

Monitor Your Children's Allowances Like Citibank Millionaires

Citibank recently launched one of the latest web tools for the fabulously wealthy: an online system called Spend Grow Give that monitors their kids' allowances.
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Citibank recently launched one of the latest web tools for the fabulously wealthy: an online system called Spend Grow Give that monitors their kids' allowances. It's a strategy that aims to capture a chunk of the millionaire heir market. By getting them involved at a young age, the bank is hoping this will ensure the heir's loyalty even after he or she reaches adulthood.

The good news is you don't have to be a millionaire to track your children's money the techie way. I found a pretty nifty downloadable program called KidsSave that costs $19.95. Unfortunately, it's not a website, but you can try it free for 35 days to see if you like it. You can set up accounts for your children, enable saving locks, and even create interest rates for their allowance. Judging by the fun buttons and bright colors, it seems to be pretty kid-friendly!

Parents find negotiation for cars and talking to their children about finances to be equally stressful, according to a new poll by PASS from American Express. Perhaps using a program like this is a great way of introducing the topic!

Does Abigail Breslin Earn More Allowance Than You Did?
Money

Does Abigail Breslin Earn More Allowance Than You Did?

She may hold a place on Forbes' Young Hollywood's Top-Earning Stars list, but Abigail Breslin has to earn her allowance like any other kid.
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She may hold a place on Forbes' Young Hollywood's Top-Earning Stars list, but Abigail Breslin has to earn her allowance like any other kid. The My Sister's Keeper actress celebrated her thirteenth birthday in April, and in her house that meant her allowance increased by $1. She earns her age in weekly allowance, and the chores she must fulfill for the $13 might sound familiar to what you had to do as a kid. Abigail described her duties to People magazine and said,

My chores have gotten a little heavier. My brother used to always to feed the cat and now I feed the cat, which isn't a big deal, but it kind of is, because my cat eats tons. It's like an all-day long cycle.

What chores did you have to do growing up? And did you get an allowance for completing them?

Allowance For Kids
Economics

Tell Mommy: Do Your Kids Have a Budget?

Suze Orman may be the money guru of today, but sometimes I think she took a page from my parents' handbook on raising financially responsible children.
by babysugar

Suze Orman may be the money guru of today, but sometimes I think she took a page from my parents' handbook on raising financially responsible children. Growing up, my folks paid us for hard work done around the house and allowed us to spend it how we wanted. My chores included cleaning my room, making my bed, helping with dinner, doing dishes, and other things that eased the burden on my mom and step-dad. As we grew older, my sister and I had to set up a budget for our monthly expenditures. Based on our needs and wants, our parents devised a monthly allowance for us. It taught us both that perhaps a Polo shirt wasn't as necessary as the cheaper version available at Target.

Tell mommy, do your kids have a budget?
Source

Your Two Cents: Did You Get Money For Good Grades?
Poll

Your Two Cents: Did You Get Money For Good Grades?

It's back-to-school time, and most middle school students in Washington, D.C., are entering with new motivation to do well in school.
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It's back-to-school time, and most middle school students in Washington, D.C., are entering with new motivation to do well in school. The district is testing a new incentive program that rewards kids with money for getting good grades, and they could earn up to $100 per month.

While my parents didn't use money to motivate me to get good grades, many of my friends' parents paid them for doing well in school. Did your parents use money to motivate you?

Source

Guess Who? Always Trying to Save
Guess Who

Guess Who? Always Trying to Save

"I paid for my cheerleading and everything [by working at Wendy's for six years].
by "I paid for my cheerleading and everything [by working at Wendy's for six years]. It was like whatever you want to do outside of school, you have to pay for it. I never had a car because I was always trying to save."

Guess Who? Always Trying to Save

Do Your Kids Earn an Allowance?
Poll

Do Your Kids Earn an Allowance?

My daughter loves slipping crisp bills into her purse.
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My daughter loves slipping crisp bills into her purse. On a recent outing, we stopped for lunch and when the check came, she announced, "I'll pay! I'll pay! It's MY treat!" At four, her cash flow comes more from her dollar gifting Grandpa then from accomplishing chores. That's not to say that she doesn't pitch in a hand around the house, but at this stage in the game we aren't doling out an allowance or teaching her financial responsibility.

Do you give your kids one?

Source

Your Two Cents: When Should Kids Stop Getting Allowance?
Poll

Your Two Cents: When Should Kids Stop Getting Allowance?

If you watched Gossip Girl this season you probably noticed the characters' drool-worthy clothes, gadgets, limos and upper-crusty lifestyles don't come cheap.
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If you watched Gossip Girl this season you probably noticed the characters' drool-worthy clothes, gadgets, limos and upper-crusty lifestyles don't come cheap. Even though it's pure fiction, the show's depiction of a pack of wealthy New York City teenagers raises some questions about our culture's financial ideals and expectations. Namely, how much money should children and teenagers be given and what kind of monthly allowance are these teenagers getting? Giving children a weekly allowance can be a useful way to begin teaching them about the cost of living, but when should you stop giving your children allowance?

Photo courtesy of the CW