Help kids track their allowance money

BALA CYNWYD, Pa. - December 9, 2009

Several say they have to do chores, such as cleaning the cat's litter box or making their beds, to get paid.

Mike Glozman, webmaster of Cheap Stingy, uses a three-part bank for his young son. Each week, he divides his allowance into money to spend, money to save, and money for charity.

"Learning to save and manage your money at an early age is really a skill that benefits you early on and throughout your life," Glozman says.

For older kids and their parents, Glozman suggests free online allowance tracking sites.

Sites like Kidelity and PayJunior allow parents to set up chores and rewards, along with saving accounts where the rewards are deposited and kids can log in to watch their savings grow.

"Not only does it teach you good work ethic, it teaches you that there's a reward and then you have to manage money wisely," Glozman says. "Because you're on a

budget, it's just like real life."

For teenagers, Pay Junior has an option for a real debit card that parents can load. But there are fees and overdraft charges with the card that parents are liable for.

Another site, Childzilla, uses points instead of money, but still allows kids to track how much they accumulate.

One point for parents to remember, they are still the bankers, and while the kids can take over tracking their allowances with these sites, Mom or Dad is still the one who's going to have to give the money out.

To read Glozman's blog about allowance-tracking sites, click here.

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