Teaching my kids about money is a high priority at our house. I want them to be smart with money. So, we started teaching about money when they were very young. We have learned a lot in this process.
First we started with our Money Jars. These worked perfectly for a lot of years. I think they are perfect for ages 5+.
Next, we adapted our money system after The Family Bank system taught in the book The Entitlement Trap by Richard and Linda Eyre. We even had checks printed with their names on them. (Costco will print them with out a routing number for you.) I think this is perfect for kids ages 8+.
During this process the kids learned to subtract a checkbook, write checks, and see where their money was going. It was great, but still a lot of paperwork.
Finally, in efforts to simplify and be up to date with today’s technology, we have gone digital with our kids money. (Let’s be honest, writing checks is very old fashioned!)
I’m so happy I found an app for my iPhone called Buckaroo. We have been using it for a few months now and I’m more than pleased with it. It has made managing my kids money so easy! The very best part is that I always know how much money they have because I almost always have my phone with me. My second favorite thing is that it will pay out interest automatically on the 1st of the month with the percentage you tell it to use. I love rewarding my kids with saving money and they love seeing their money grow! My third favorite thing is that the app will sync between devices, so not only do I know what it in the kids’ accounts, but so does my husband. Very handy.
Buckaroo is totally worth the 99 cents to give it a try. You’ll love it.