I pretty much only use cash for buying things on FB marketplace, so the idea of giving my kids cash to teach them about responsible spending and value etc seems antiquated. But giving them a debit card seems too abstract. What are you all doing?
We’ve had a box that comes in three segments. Each has a label: Save, Give, and Spend. Easy to find online.
The weekly cash allowance, as well as family and holiday gifts all go in there, split into portions. The spend section typically gets used when hanging out with friends or after sports practice. Usually candy or junk food. If going on a planned field trip or a group gathering with friends, we throw in some extra funds ($5-$20) so they can get food, snacks, or treat a friend. Nothing is digital or credit based.
When the Save or Give sections get full, kid gets to pick a charity (‘Give’) or we walk down to the bank to deposit the ‘Save’ cash into a kid’s saving account with no monthly fee.
It’s worked pretty well so far.
