Moonjar & Allowance
Allowances help children to learn how to handle money. Budgeting and allowances help kids understand how not to be victims of money and to be in control of their financial futures. Moonjar Moneyboxes help kids build their dreams by managing their allowances.
Every family is different in their approach to allowance. Some families link allowances to chores, while others choose to make allowances independent of household duties. Regardless of what you decide works best within your family, allowance is a great way to help kids understand the fundamentals of money management. Moonjar Moneyboxes are great tools to make the learning fun.
To get started, Moonjar suggests that you:
- Establish a routine to give your child an allowance at regularly spaced times.
- Sit down and set goals together.
- Picture your dreams!
- Children have different values. Let them take the lead in identifying their goals. Don’t forget to set goals for spending, saving and sharing!
- Create a budget. Learning to work within a budget early on in life helps kids experience success with money and gain self-empowerment.
- Divvy up the allowance into the spend, save and share boxes.
- Help your child keep track of transactions and allocations — remind your child to keep his/her goals in mind
- It's important for kids to make mistakes and learn from them in order to set reasonable goals.
- More Guidelines on Allowance
Healthy financial habits begin with the small successes and failures that come out of managing an allowance. Giving kids the opportunity to experience the ups and downs of budgeting ensures a more stable future and financial independence! For more tips and links to other sites addressing allowance, saving, spending and sharing, click here.
Download the Moonjar Allowance Guide here (coming soon!)