Bank Listings

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Bank Listings

Post  Admin on Tue May 31, 2011 10:14 pm

To get things started, here are the banks that I use for my children. Feel free to reply with you lists.

  • Spending Money
  • Clothing
  • Medium Term Savings
  • Long Term Savings
  • Charity
  • Taxes (To be used for things that benefit the entire family)

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How do you handle savings accounts?

Post  Digimom on Mon Jun 06, 2011 11:42 pm

I set up a savings for the kids and anything they give me to hold, or anything I pay out, I'm putting a percentage into there. Church, too, but my question is with savings. I'm giving them interest on the savings account but I don't want them to just say "put it all in savings" and then every time they want money from the Bank of Mom and Dad, we just give it to them. Otherwise why have a separate account? I want them to SAVE. Do you have parameters on money in savings? Like does it have to stay untouched for a determined length of time? What factors determine when it's okay to withdraw from this virtual bank?

Thanks for the ideas!
~Anna

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"Banks" (Budget Categories)

Post  VdkaShaker on Sat Jan 14, 2012 2:51 pm

Before trying iAllowance I set up these "banks":

Charity (minimum 10% until they get older and can decide for themselves. When something comes up I ask if they'd like to contribute some of their charity money, such as Japan Tsunami relief)
Long Term Savings (in a bank savings account in their name. What ever they decide to put in I match it, but they cannot take it out. I haven't decided when they can, or what it will be for. Its LONG TERM.)
Short Term Savings (in a bank savings account in their name. They can get money out, but while they're young I still guide and have final approval of what they're spending it on. It keeps the money in a safe place where its less likely to get lost.)
Spending Cash (cash in their wallet)

They used Short Term Savings to save up for things they wanted to buy (games, guitar, etc.)

Now with iAllowance I'll work with them to create more granular "banks" which to me seem more like budget categories. I expect we'll use the account at the bank to hold the money for some of these:
School Lunch Money
Clothes

I like the Taxes idea mentioned (meaning things that benefit the whole family)
They have a shared iTunes account so I'll use a bank so they can track their part of the balance
Gifts (things they buy for others at birthdays or holidays)

I use a very structured "salary" based approach to allowance, and base their monthly allowance amount on their age (Starts at 1 x their age, but as they get older I go to 1.5, 2, 3, or 4 times their age, but as that happens I expect them to use their allowance for more stuff like clothes and school lunches). They get a "raise" once a year and we periodically review how they're dividing it up to see if its working for them. For example, if their allowance is $10, it might get broken down like this: $1 Charity, $3 LTS, $4 STS, $2 Cash. Because I match the LTS they would get an additional $3 in that account from me, an incentive to save more. Over the years they've enjoyed watching that balance grow. When it gets big enough I'll see about opening a mutual fund or money market account for them.

At Mom's house she uses a more Chores based approach and gives them money weekly. The two approaches mesh well and they see two different perspectives. I'll probably add some Chores aspects to their allowance over time as well.

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