Allowance is one of those things that I always knew I needed to do. I’ve read the books. I made a plan. I’ve had great intentions. I’ve even made promises! But, I lose my charts, or I move and forget my plan. I needed something online. Something easy. Something obvious. Well, I finally found it: www.firstkidbank.com And, I’m using it. And, I love it.
The site is very easy. You have four options, allowance, savings, charity, and merit. We make our kids put 35% of their allowance into savings and 15% into charity. We require the same of money that they make (usually helping me with extra chores). This makes it so easy to allocate! We also use the merit key and they earn points for chores that are a part of being with the family. Once the family reaches a certain amount of merit points, we have a family treat. I want them to do daily chores without getting paid for it since they are part of the family, but I think it is great to celebrate that we are working like a well-oiled machine (ok, not always, but I can dream).
The kids can use the site and see where they stand and what their chores are. I can manage the site in just a couple of minutes a week. We sat down as a family to decide on chores and allowances. We meet regularly to make sure it is still working and makes sense. We work together to decide how to use the charity money and merit points.
This has been a great find for our family. Do you have any online allowance sites that you use? What makes them work for your family?