The day that your 16 year old daughter asked if she could open a second savings account was a highlight of your parenting days. After years of monitoring a chore chart and forcing your two girls to put half of their money into a savings account. You finally feel as if you are getting your point across. And while you would like to take all of the credit for your daughter’s interest in savings, you know that the allowance app that is on her phone should get some of the credit.
In an effort to teach your girls to make better use of their technology, your husband installed a chore chart app and an allowance app on their phones. The phones themselves were somewhat of a necessity once the girls were at different schools and the pick up schedule became more complicated. Your husband insisted, however, that his girls were not going to be part of the generation that uses their phone for purely social purposes. The chore and financial apps, he insisted would help them learn life skills.
It was indeed the process of tracking kids chores and finances that kept your younger daughter so interested in watching her spending and saving habits. And while some friends you know use an allowance debit card, you were not really a fan of starting that exact method. You have never really given your girls an allowance, instead expecting them to help around the house whenever asked. You have, however, often given the two girls some of their own money when the family went on vacations or when you were going to local events. Your husband always told the girls that they could keep what they did not spend and as a result, your youngest daughter became someone who hoarded her money.
Both of your girls have always had a savings account where they deposited half of their babysitting money and other gifts that they received. Your 16 year old, however, now wants to have a savings account that is specifically for her travel events. She has two church summer trips and one with her high school choir, so she wants to make sure that she puts some money for spending on those trips aside. Parent success!