Family & Parenting

The Internet Is Loving The Way This Family Handles Allowance

This is brilliant. Do you know any families who have tried this?

Having an allowance system in place can be a great way to help kids learn about money.

But, on Father’s Day, one blogger took to Facebook to showcase possibly the best allowance system, well, ever.

The Humans of New York blog posted about a family that gives their children $1 each week. The children have the option of putting the dollar in one of four piles, to:

  • spend
  • save
  • donate
  • invest

They earn two pennies by the end of the month for every dollar they have in the “invest” pile, so not only are they earning money for doing chores, etc. they’re also learning a thing or two about saving and investment. Not bad for a week’s work, huh?

The post has been shared more than 92,000 times and has 812,000 likes. Commenters are applauding the financial savvy and compassionate thinking that these parents are teaching their kids.

Managing their finances when they are older is going to be a breeze for these two boys. And arguably even more important than that, they are learning about giving back.

According to the Facebook post, one of the two brothers said he recently moved money from his “invest” pile to the “donate” section. “We used to it to buy food for people who don’t have much money in their ‘spend section,'” he said.

That sounds like a pretty good way to live (no matter your age), if you ask me.

[h/t: Good Housekeeping]