cash is kept in the Moon Jar.

Allowance is virtual in kidsfirstbank.com app. It automatically deposits on Saturday night and is divided up. When the kids need cash, I look at the balance and then pay.

We use the iAllowance app. When ds wants $ from his allowance we check the balance and fork it over.

My DS has an electronic kids safe with a couple of compartments. Every couple of months we empty out the safe and take it to the bank. I make him do everything - fill out the deposit receipt, go up to the counter on his own, balance the savings book, and then we leave. Yes, we could do it all on the iPhone, but I want to teach him how it all works. In another year or so of doing it in person, I'll also show him how to do it online. I don't want to do that yet, because I don't want him to have those codes just yet. The savings account we set up is just for kids, and can be converted later. No fees.

Anonymous wrote:My kids are the same ages. They use a moonjar we ordered from Amazon. The have been asking about a bank account so that will be soon.

We use the moon jar too ~ LOVE it! They get allowance once a week ($6 each) and put $2 in each spend save and share. We did open bank accounts (online) and we deposit their money monthly. They choose a cause to donate to for the year and we donate monthly from their "share" pile, the kids take it themselves. THe spend is theirs, we usually shop on Amazon.

My kids are the same ages. They use a moonjar we ordered from Amazon. The have been asking about a bank account so that will be soon.

I have a similar set up. My kids have 360 accounts and I automatically transfer their allowance each week. When we are out and they want something they can ask to check their bank balance. If they want the item, I buy it with my debit card and transfer the money from their account to mine.

This is exactly what I do only I pay allowance monthly instead of weekly. They also carry pocket money in a wallet.

Anonymous wrote:Let's put our different views on giving kids an allowance aside and focus on practical as you suggested... ? My 8 yo has a Capital One 360 kid's account and he does deposits from my iPhone with me watching. He gives me cash, I write him a check and taught him how to do a mobile deposit. He keeps his spending money in a wallet in his bedroom.

I have a similar set up. My kids have 360 accounts and I automatically transfer their allowance each week. When we are out and they want something they can ask to check their bank balance. If they want the item, I buy it with my debit card and transfer the money from their account to mine.

Let's put our different views on giving kids an allowance aside and focus on practical as you suggested... ? My 8 yo has a Capital One 360 kid's account and he does deposits from my iPhone with me watching. He gives me cash, I write him a check and taught him how to do a mobile deposit. He keeps his spending money in a wallet in his bedroom.

Maybe teach the concept of how a 20 dollar bill equals 20 one dollar bills. That way you can consolidate the space in the jars by using bigger bills.

Those wallets with different compartments that open/close with velcro. Different compartments are used for savings, spending, charity. We do exactly this.

Poor kid being made to donate....*eye roll*

My son received a wallet for his birthday were he keeps his spend money. The give money goes into our family sharing jar; when it is full, we decide what to do with it. The save money just sits in his drawer until I take it out and give myself cash in exchange for transferring the amount to his bank account.

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.

The spend money is supposed to be there forever??? Then why isn't it savings instead?

Kids are 6 and 9. They receive a small allowance that is divided between charity, spend and save in equal parts (would prefer not to discuss here if this is a good choice, and focus on the practical aspect of my question, please).
So far keeping it in glass jars, but it is not practical, as the spend is supposed to be there 'for ever', and it is over flowing, and the charity jar is usually pretty full too until it gets spent. They tend to keep their spend money in their little wallets, or sometimes in the jar, but this one is not an issue.

What do other people do? Any ideas?

I feel that opening a bank account for their save money would just give me more admin work. Maybe I am wrong.