Reply to where/how o your kids keep their allowance $$

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]We set up bank accounts for our kids and do automatic weekly transfers. Partly that is because we are not good about having cash on hand for three kids every week, and part of that is because my kids are young enough that cash burns a hole in their pockets. It's worked pretty well for us -- they can watch their money grow, and if they want to spend it on something little we can give them some cash and get paid back by a transfer from their accounts, and if they want to buy something bigger we can have a discussion about the pros and cons of the purchase. It's ultimately their decision but they are learning about short-term vs. long-term gratification.[/quote]

With crappy interest rates, where have you put it that kids can really watch it grow noticeably ? Any suggestions?[/quote]

We actually give interest to our kids. They keep an excel spreadsheet/balance sheet with weekly allowance, then we issue interest once a month on savings. They keep their money in a cashbox, which has worked better than any bank they ever had. We also tried virtual banking but that didn't work for us. The kids do better with actual cash. With the balance sheet they keep track of the last time they got their allowances (sometimes we miss a week or two) and their expenses. ALso we charge tax on junk food they buy. This definitely cut down on the candy and red gatorade at swim meets, but they still choose to buy candy at times, even knowing the rules.[/quote]

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