When it comes to money and kids, lets just say that its a whole new world compared to when we were growing up. Now days we can swipe a phone, a watch, a card, use paypal, afterpay, zip pay… the list goes on. Its confusing enough for adults, so we went on the hunt to find a solution for our kids that could start setting them up for success with the money game.

For our kids, we have been clear from the beginning in teaching them the difference between a debit card and a credit card. They look the same, but the energy and meaning behind them both is vastly different.

In our family we have taught the kids to break their money or income into three different accounts. We used jars when they were a little younger, but now we are embracing online account and apps, because lets face it, its not going anywhere and its the world they are growing up in right now.

Spend – Save – Give

The three accounts that the kids focus on is Spend, Save and Give. Essentially, anytime they receive pocket money, earn money from a job, or receive a gift of money, they split it into three accounts. The only rule is they need to put at least $1 in each of the accounts each time new money flows to them.

First, this gets them thinking about the now, immediate gratification, what they can spend their money on this weekend to have fun for example. It has them thinking about the future, what they can be saving money towards, be it to invest, or save up for a bigger goal. And lastly it has them thinking about others and how they can give back to a cause that they are inspired by.

Pocket Money

In our home, we believe that everyone should contribute and be a team player. So for each year our kids are old, they earn the equivalent in pocket money each week. For example Bodhi is 14, so he earns $14 a week. In exchange for those $14, there are agreed upon chores and tasks that he completes in order to receive his weekly amount.

Fridays is pay day and our kids love collecting and distributing their funds… only if they have contributed that is.

Extra Income Opportunities

For each of our kids, in addition to their weekly pocket money, we have a list of other jobs that they can choose to do, over and above their weekly chores, to earn extra money. Our daughter can earn extra money for folding the laundry, cleaning out the chicken coop and vacuuming. The boys earn extra for lawn mowing, making a slow cooked meal, baking sourdough, washing our cars and various chores around our property. For each of these we have predetermined a value for each of these tasks being completed.

The Money App For Kids That Makes It All So Easy

To begin with, the management of all of these chores and tasks felt like an extra job in itself, so we went on the hunt for something that could make it easier for us and we scored!

We came across the kids money app called Spriggy and now couldn’t imagine life without it!! It has become the easiest way for us to pay the kids each week, manage the extra jobs that they do and pay them accordingly, see at a glance how much money they have on their own personal debit card (their spend account) and also in their savings account all from an easy to use app.

The kids got to choose their own funky debit card design, one has a Star Wars card, another a Marvel Card and the other their favourite colour. Plus they have their own app, where they can submit their extra jobs, request payment and move funds from their savings to spend if they happen to be going out for the weekend or buying something they have their eyes on.

Feel Like A Pro

The other thing that I love about Spriggy is that you can set it up to automatically debit your account a certain amount each week so that there is always enough funds for the kids weekly pocket money and jobs. You can also easily top your account up within seconds if you need. And if the kids have upcoming birthdays and would prefer money instead of a gift, you can share a special link with family or friends for them to send their money gift straight into their own Spriggy account.

In short, we love the app and if you are thinking you would like to give it a go too, just click here and you will receive a $20 credit on your account when you join.

Teaching our kids how to have a healthy relationship with money is so important and this app makes it so easy to do so, while encouraging our kids to save and give to others, not just spend, spend, spend.

Let us know if you have tried it, or how you go when you get started with your kids and the Spriggy App. If you are looking for some more great resources and conversation around empowering our kids when it comes to money, be sure to checkout our podcast episode on The Money Lessons We Wish We Were Taught As Kids.

Happy Saving 🙂