Tag Archives: chores

How Will Your Kids Learn to Manage Money?

Did you know that only 7% of US high schools require students to pass a basic finance test to graduate? And not only that, but the majority of parents received a grade of C or worse when it came to understanding basic finance themselves. So how can we as parents help our kids learn to manage money? BusyKid is the newest online and mobile platform for doing just that, and I’ve never been so excited to tell you about something, as I am about BusyKid!

How Will Your Kids Learn to Manage Money? | #BusyKid #allowance #moneymanagement

~This is a sponsored post on behalf of BusyKid. As always, opinions are still 100% my own.~

I remember getting my first bank account and first credit card during my senior year in high school, at the same time I was working my first job. I was ready to get spending and buy whatever I wanted to buy without having to ask permission from my mom. But it wasn’t long before more credit cards came in and the debt kept growing and growing. I have since learned my lesson and paid down a lot of my debt, but I still wish I had done better from the start.

How Will Your Kids Learn to Manage Money? | #BusyKid #allowance #moneymanagementIt’s estimated that today, less than 10% of ALL money in the world is coins and paper. We pretty much live in a cashless society, but the fact of the matter is we’re still teaching our kids about money by using coins, paper bills, and piggy banks. Sure, that’s okay at first, but once they understand the face value of each coin and paper bill, we need to do our duty to teach them about our cashless society and what it takes to actually earn that money. I’m talking budgeting, saving, investing, and taxes, and even responsibility, accountability, and time management.

This is where BusyKid comes in. BusyKid is a new online and mobile platform that acts as your child’s first job and payroll system. You create a profile for your child, customize a chore list for them (this is their “job”), along with an allowance amount for each chore, and when they’ve finished a chore they mark it as done. When Friday roles around, it’s your child’s payday, just like for most of us adults. From there your child has money to spend how they want (with a little guidance, of course). It’s a classic, but advanced earn and be rewarded system.

We created BusyKid because our children need to start experiencing the real world earlier when it comes to the basic financial practices of earning, saving, spending, sharing and investing. As adults we don’t get rewarded with TV time, computer time, stickers, stars or ice cream. Why should we do this with our kids? Eventually, they need to learn the importance of money.

-Gregg Murset, BusyKid CEO

Let’s walk through this with a quick step by step, because I absolutely love the concept of BusyKid.

Chore List

You have the ability to choose which chores you want your child to do and on what days. And if you’re not exactly sure what kinds of chores are suitable for your child’s age, don’t worry. BusyKid provides plenty of recommendations. As your child gets older, new chores will be added, but you still have the ability to customize the chore list as you go.

Each chore is also assigned an allowance amount. This can be anything you choose to be appropriate and whatever fits with your own family budget. Upon completion of the chore, your child marks it as complete and the allowance amount is added to their total allowance.

How Will Your Kids Learn to Manage Money? | #BusyKid #allowance #moneymanagementPayday

Every Friday is payday, just like some jobs in the real world. You are paying your child’s payroll and do so by linking your bank account, debit card, or credit card to BusyKid’s payroll system. On payday your child can choose to request cash, or purchase fun retailer gift cards, or invest, or even have it “direct deposited” onto their BusyKid Visa® Prepaid Spend Card (hello, real world!). Every payday you will receive a text message alert reminding you it’s payday, at which time you can approve payment or not.

Now, you can imagine there will probably be times when your child marks a chore as done, but didn’t actually do it. Obviously, you aren’t going to pay them for that undone chore. In the “activity” section you can see every chore your child has marked completed and in that same location you can disapprove any chore that wasn’t actually done. This will automatically adjust the total allowance amount.

Spending Their Money

As just mentioned, your child can choose to request cash, purchase fun retailer gift cards, invest, or even have it “direct deposited” onto their BusyKid Visa® Prepaid Spend Card that they can use in-store or online. In addition to these options, they can also donate a portion of their earnings to charity if they’d like.

How Will Your Kids Learn to Manage Money? | #BusyKid #allowance #moneymanagement

All of this is done within the BusyKid platform. Of course, you can still help guide your child with how to spend their money, but just imagine how much more real world experience they will have when it comes to budgeting, saving, investing, and spending. If you give your child the freedom to choose what they do with their money, they may not always make the right choice, but it’s better to learn from those fails now than as an adult.

Get Started

You’re probably wondering how much BusyKid costs to use and in all honesty, it’s very affordable. It’s just $14.95 per yer, per family. And if you want to give your child a BusyKid Spend Card (rechargeable VISA debit card), there’s an additional $5 per year fee, but I love the real world experience it can give to kids, so I think it’s worth it.

And for a limited time, two kids from each family that signs up will receive a free $10 stock. BusyKid really wants children to learn how to invest so they’ve decided to give them their first experience in dealing with the stock market.

How Will Your Kids Learn to Manage Money? | #BusyKid #allowance #moneymanagementHow Will Your Kids Learn to Manage Money? | #BusyKid #allowance #moneymanagement

It’s never too early to teach children how to budget and effectively spend their money. My son is just 5 years old and wanted some useless toy (in my opinion) from his school’s book fair a few weeks ago. He asked his father for $5 to get it, to which is father replied he had to complete a chore to get the $5. Well, he ended up not finishing the chore and didn’t earn his $5.

Every time we go to the store my son is also asking for something, whether it be a new toy, a new shirt, or junk food. I always ask him if he has the money to buy whatever it is he’s wanting and the conversation stops there. BusyKid is the perfect platform for us to start teaching our son about earning money and the best possible ways to spend his earnings, and we’re all excited to get started!

Have you started teaching your kids about money?

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*This is a sponsored post on behalf of BusyKid. My opinions are 100% my own and in no way influenced by the brand. Any claims or statistics should be confirmed with the brand. Please see this blog’s full policies and disclosure here.

House Cleaning Habits for the Whole Family

Keeping the house clean and tidy every day can be more daunting when you have a family. Tempers are likely to flare if you don’t figure out a way to get the whole family involved in the process of cleaning.

So how do you keep the peace by getting everyone to chip and cleaning duties done as needed? To engage the family in house cleaning means mobilizing and assigning everyone cleaning duties, and ensuring that they realize that it’s a habit they have to develop and sustain until it becomes something they do without having to be reminded or cajoled.

It could mean something as simple as picking up after themselves, or more difficult like cleaning their rooms, dishes, kitchen, etc. Either way, getting the whole family involved in the cleaning process will go a long way in keeping your house tidy and clean.

House Cleaning Habits for the Whole Family | #cleaning #chores

Here are a few tips from The Home Makers Journal to ensure you develop a house cleaning habit for the whole family:

Ensure There is a Place for Everything

When you assign items around the house their place, everyone will know where to put them. Have you ever found the keys wedged between cushions of the couch, or hidden among the magazines on the rack? That happens when you don’t insist on the right place for items. For example, keeping a hook by the front door to hang the keys will make it easier to find them without ripping the whole house apart!

Teach Kids How to Pick Up After Themselves and Tidy Up

Kids especially leave dirty clothing everywhere. Ensure that there is a dirty clothes hamper in each room, and insist that you will not pick up after them and neither will you allow messy rooms. Give them an incentive to keep their rooms tidy. For example if their beds are well made, their dirty clothes in the hamper and no trash lying around, with everything in its place, then you can add, say an extra twenty minutes past their bedtime for them to continue enjoying gaming, TV or any other activity they are working on.

Create a Schedule and Distribute Cleaning Chores

Simply Maid’s Cleaning Expert, Caroline Nucifora, says “If you hear ‘I don’t have time’ one more time you are going to lash out!” Avoid this, even with yourself, by creating a schedule that the whole family has to stick to. Make sure you work around your kids and whole family’s activities, and assign a daily chore and weekend chores as well.

Distribute tasks easily, assigning the tougher chores to your partner and older kids, and simpler ones to the younger children. Ensure you enforce this habitual cleaning by having a consequence if someone fails to clean properly and on time. For example, take away computer or TV time.

Save Time with These Cleaning Habits

  • Ensure that no dirty dishes are left overnight and assign someone to do this.
  • Have everyone pick up after themselves in terms of clothes and shoes, and after meals.
  • Get everyone to help in tidying up the living room at the end of each day and clean up the kitchen.

What tips would you add?

*This is a guest post. Please see this blog’s full policies and disclosure here.