Manage Your Kids' Chores and Allowances While Teaching Financial Literacy With JassbyBy Greg Bottenhorn
Posted Aug 14, 2020
This post is sponsored by Jassby. CertifiKID receives compensation from companies whose products and services we recommend to our audience. However, we only promote businesses we genuinely believe in and feel will appeal to our subscribers.
Exclusive offer: Join the waitlist to receive $20 to Jassby Mall!
Managing chores and allowances in your family can often seem like the biggest chore of all. The kids don’t want to help out, and when they do, you have to nag them constantly to complete their chores. Rewarding kids for chores can often seem redundant. After all, they live in the house too. Shouldn’t they be expected to contribute to the upkeep? When you do offer an allowance for the chores, doesn’t that create even more issues? Do you have the cash on you? Do you have small enough bills? Did you remember to pay them last week? How will they spend that money? Don’t even get me started on Holiday giving from grandma or grandpa. Either they give the parents the money to hand out or send a check that never gets deposited. Either way doesn’t work.
A few things to consider:
Financial Literacy: Our kids aren’t learning about this in school. All kids learn algebra, yet only 19% of them will use it in their daily adult lives. One-hundred percent of our kids will use financial skills daily, yet it isn’t taught in schools today. Most aren’t learning about finances at home, either. Family financial matters are kept between the parents, and our kids aren’t learning about budgeting, or how to compare what they have against what they need. Credit cards are further complicating the situation. Kids need to learn these skills to become financially literate teens and, ultimately, financially responsible adults.
Proactiveness: We have to nag our kids to complete chores because they view other tasks as a priority. There isn’t a motivation for them to get those chores done, and when there is, it is often a negative motivation (such as losing phone privileges if it isn’t complete). Think about it: would we wake up and go to work every day if there wasn’t a paycheck? Rewarding your kids for these tasks makes them more proactive in getting the chores done because they want the paycheck that comes with it. They will even start to suggest other things that need to be done. Let them manage the money they receive so they can begin to see that their hard work truly pays off.
Saving: Kids are starting to lose the concept of saving up for things. The piggy bank's change just doesn't add up fast enough, and they see mom and dad buying stuff with credit cards all the time. We need to get back to our kids’ understanding that they earn money and then save a portion of that money for the larger things they want.
Shopping: 70% of our kids’ purchases happen online or in-app. Cash and checks don’t work for that. So, what ends up happening is mom or dad gets hit up for a credit card. Our kids shop differently than we did at their age. Cash and checks are no longer a valid resource for them.
Jassby is the perfect solution to these issues. I can create a Jassby family and set up automatic allowances for my kids. They can also request specific chores. Better yet, my younger kids who shop from home, can either purchase directly from the Jassby Shop (which has all of the things they want) or online using their Jassby debit card. My older kids, who can drive or like to go out with their friends, can use the Jassby Virtual Debit card just about anywhere, all contactless.
With the current health climate, most parents are concerned about their kids handling cash anyway. Contactless payments are here to stay. Parents can also monitor and control their kids’ purchases using the Jassby’s parental controls. All in all, this is the perfect solution. Join the waiting list today and receive $20 to the Jassby Mall. Check it out HERE.
Exclusive offer for Certifikid subscribers: Join the waitlist to receive $20 to Jassby Mall!
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