A new website, ThreeJars.com, enables children to learn how to earn, track and use their own money online. Children may divvy up their money into three categories, or "jars" -- save, spend and share. They decide how much to store, spend and donate to charity. The site requires a yearly fee of $30 per family.
Parents set the allowance limit with each child, and on allowance payday, add money to the online total. The site tracks how much is owed and what has been paid. The site offers savings options such as "parent" bonds and certificates of deposit. With parents' approval, children withdraw cash from their personal ATM or buy gift cards from 30 select retailers. And children direct points that they earn to causes they select.
People may also register for a free daily e-mail with financial tips atThreeJars.com. This info was reported by....
-Sandra Guy- Chicago Sun Times
There are other things that are as important as saving, sharing and spending money, when it comes to teaching kids about money. 3 jars may be a good concept but it falls short of explaining basic things such as wants and needs, where does money come from, inflation, deflation, risk and return, identity theft etc.
ReplyDeleteTo teach your children about these and other topics, I highly recommend the series "Finance for Kidz" written by Prof Dheeriya. It is remarkably easy to understand and useful.
Just my 0.02
My family uses threejars and for us it works much better than some of the books we used becuase the kids get to make real decisions to learn. The difference between wants and needs are learned as they make decisions and see the consequences. Now they pay for things, the desire for candy and games has gone down. I think they understand that those are not needs. I started my youngest on threejars at age 5 and i think that she'll learn over the next few years by using than by trying to get it from a book. For us the books are too clinical and the kids tuned out, but to each his own.
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