Comments on: Tracking Allowance: Little Money Bags http://www.fivecentnickel.com/2006/02/22/tracking-allowance-little-money-bags/ personal finance tips, tricks, and commentary Sat, 21 Nov 2009 17:19:36 -0500 http://wordpress.org/?v=abc hourly 1 By: Emma http://www.fivecentnickel.com/2006/02/22/tracking-allowance-little-money-bags/comment-page-1/#comment-1951 Emma Wed, 22 Feb 2006 23:09:03 +0000 http://www.fivecentnickel.com/2006/02/22/tracking-allowance-little-money-bags/#comment-1951 My daughter is only 3 years old right now and we're on the envelope system. She gets 3 envelopes: spending, saving, and giving. She doesn't get an allowance but commission for certain chores so she can better understand the work equals money, no work equals no money. It's cool to see that she is slowly getting it. I think it's important for kids to make that visual reference to money-in-money-out. She can dip into her spending money when she wants some candy or toy at the store. And, we make sure the transaction is run separately so she can hand the cashier her money and get change back. My daughter is only 3 years old right now and we’re on the envelope system. She gets 3 envelopes: spending, saving, and giving. She doesn’t get an allowance but commission for certain chores so she can better understand the work equals money, no work equals no money. It’s cool to see that she is slowly getting it.

I think it’s important for kids to make that visual reference to money-in-money-out. She can dip into her spending money when she wants some candy or toy at the store. And, we make sure the transaction is run separately so she can hand the cashier her money and get change back.

]]> By: Daytonscott http://www.fivecentnickel.com/2006/02/22/tracking-allowance-little-money-bags/comment-page-1/#comment-1948 Daytonscott Wed, 22 Feb 2006 19:12:31 +0000 http://www.fivecentnickel.com/2006/02/22/tracking-allowance-little-money-bags/#comment-1948 Back in the day, I used something called a "notebook" and a "pencil" to record my weekly allowance. ;) When I was ready to spend or invest, I'd go to mom with my account book and cash in. I also recorded wages there when as a teen I would help my parents with bigger projects outside the normal "chore" realm. I think an account notebook is a better teaching tool than an automagic online service, but safer and tidier than dealing in cash, particularly when sums build as children get older. Back in the day, I used something called a “notebook” and a “pencil” to record my weekly allowance. ;) When I was ready to spend or invest, I’d go to mom with my account book and cash in. I also recorded wages there when as a teen I would help my parents with bigger projects outside the normal “chore” realm.
I think an account notebook is a better teaching tool than an automagic online service, but safer and tidier than dealing in cash, particularly when sums build as children get older.

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