I ws recently asked to review the ThreeJars money management system. With one daughter (Diva-J) that is getting to the point where she is starting to save her money, I am always looking for new and innovative ways for her to be able to learn about the value of her money as well as understand what she must to to meet goals that she has with her own money management.
ThreeJars is an easy and fun money management system for kids, where they get responsible with money – fast.
It all starts at sign-up, where parents set an allowance limit for each child, and decide how allowance will be divvied-up between Save, Spend and Share jars. Come payday, the site adds the new money to their totals.
Parents hold the actual Cash while ThreeJars automatically keeps track of how much is owed, what has been paid, how savings are growing, and where spending is going. Kids see the big picture and learn to value a dollar.
Kids learn by managing their own accounts, but a parent’s approval is required for all financial decisions. Kids can boost their savings by earning interest from their parents, encouraging the savings habit. They spend their money by requesting cash or gift cards. They can share money too, by making donations to charities of their choice on or off the site.
How It Works
I liked the system and think that it could easily be a great asset for money management for parents today. I think this system would definitely work with children a bit older than mine (my oldest is 5). Not to say that it couldn’t work with a 5 year old, just not mine at this point in time.
I loved the fact that it makes the child place a portion of their gift into charity, as I believe that this is a great lesson to be teaching while they are young. I also liked the fact that a parent’s credit card can be charged at the point where a gift card or donation is reached. This makes a parent’s life that much easier.
Money is important to children, especially as they get older, and if we as parents can instill in them the importance of solid money management (even with the use of a system such as this) we will see much less problems later in regards to credit card debt, bankruptcy, financial aid repayment issues and other issues that depress our economy.
So my kudos to the folks over at ThreeJars for starting something that will definitely assist our young to be better stewards of the future! Make a new year pledge about teaching your child about managing their money in 2010, and try out ThreeJars to see if it is a tool that will help you in meeting this goal!
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