It is important to teach our kids the value of a dollar and teaching them to work towards a financial goal. For my husband and I, it is crucial to teach our son the importance of making good financial decision at a young age.
One way to teach children strong money management skills is to use an allowance as a learning tool to create positive habits.
Finding different ways to make good on our commitment, we found the A+ Allowance App a free app available for the iPhone, iPod touch and iPad (iOS 4.0 or later).
Created on the It’s Only a Dollar Until You Add to It! Allowance Chart, this app assigns jobs, how much they will earn and understand the importance of making and saving money.
The app also allows families to teach children to:
- Pick your weekly chores and assign a weekly earning
- Create an earning for each chore
- Check off your daily completed tasks
- Watch your earnings grow
- At the end of each week, your income will be automatically calculated into the 10/10/10/70 concept. Which is 10% giving, 10% investing, 10% savings and the remaining 70% is for spending.
