WSVN — Teaching children the value of a dollar is tough. In tonight’s Dollars and Sense, Lynn Martinez shows us a cool new way some parents are getting their kids interested in investing in their future.
“Mommy, I want this.” “Daddy, can I have that?” Teaching children that money doesn’t grow on trees is easier said than done!
Bailey Rose Fefferman: “I would always have to beg my mom for something.”
Joey Fefferman: “I wanted her to give me money, but I couldn’t get it because you can’t just get what you want to get.”
Now mom and dad have a cool new tool called Allowance Manger to drive that lesson home.
Hagit Fefferman: “It tracks all of their expenses and their income.”
Each kid has an account, and mom and dad act like the bank keeping the money safe while the app keeps tally of the kids cash.
Hagit Fefferman: “If they get birthday money or holiday money or any sort of extra money from somewhere, they give me the money and I put it into their account.”
But the kids aren’t just rolling in dough. They are learning how money is earned and taken away.
Hagit Fefferman: “If there was a misbehavior, I could take money away. If there was good behavior, I could give a little bonus.”
Teaching them smart spending habits.
Chloe Fefferman: “If there’s something I really want to get and I realize I don’t have enough money for it or if I spend it I won’t have that much money, I learn how to save my money and not to spend it on every little thing I see.”
Hagit thinks Allowance Manager is a smart way to teach her kids a little about how money works in the real world.
Hagit Fefferman: “In the future, they’ll be used to that idea of paychecks, and they’ll be used to the idea of not just squandering their paycheck, and they really think about it and budget and decide how they want to use their money.”
Setting her kids up with knowledge they’ll use the rest of their life.
Hagit Fefferman: “It’s a life skill. Everybody needs to budget, so why not start when they’re younger.”
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