Note: This article contains affiliate links (hyperlinks, widgets, or through images), which means I receive compensation if you purchase a product through them. Regardless, I only recommend products or services I use personally and/or believe will add value to my readers. Visit my disclosure page for more information.
Unlike kids would like you to believe, there is more to being part of a family than just hugs and kisses. As adults, we often contribute to our families physically and financially while kids go scot free until they can put in some sweat equity. Enter in chores.
Chores are a great way to teach children financial responsibility. However, with most people, cash is something that’s rarely on hand these days. Not to mention, the kids tend to lose it or you forget to pay them. This makes putting an allowance in place VERY hard.
I can’t tell you how many times we’ve tried an allowance with the kids but failed because of the cash situation. If kids aren’t handed bills in hand the minute they do something, their willingness to continue on this plan fails.
Unfortunately, for them, that meant continuing on with chores without an allowance. This meant they were still contributing to the family but aren’t actually learning anything about money. I want them to do BOTH.
With Current, this seemingly impossible task is possible. Thank goodness!
What Is Current?
Current is a debit card for teens that can be monitored and controlled at a parent’s discretion. It is a great way to teach kids real-world financial education. To manage their money kids get three digital wallets – Spending, Savings, and Giving.
Setting Money Rules In Place
My kids were given a few rules when it comes to using their Current debit card. Any money they earn from their allowances must be split into each wallet – 50% Spending, 40% Savings, and 10% Giving.
Money that’s given as gifts (i.e. birthday money, report card money, ect.), can either be completely spent immediately otherwise the “money rules” apply. If they do decide to buy something, any remaining money leftover is split – 75% Savings and 25% Giving.
The Three Current Wallets
The Spending Wallet is what is actually linked to the physical debit card. So when my son has a hankering for some Takis (which happens quite often), he can view his Spending Wallet to see if he has enough money to buy some. This wallet is for day to day little expenses he might have, to view chores, handle transfers, and to see what his allowance is currently set to.
The Savings Wallet is just what it sounds like. It is for saving for bigger ticket items. I like for my kids to set a savings goal early on so they know what they are saving for. In the Current App, your kids can set a savings goal and even enable a round-up feature so they can add to their savings even quicker.
The Giving Wallet is there to help teach kids empathy. Most kids just think about me, me, me and not so much about others. This wallet allows your kids to donate to thousands of local and national causes right in the app. I also gave my kids the option of using it for buying gifts for other people but my oldest son chose a foundation that’s close to our hearts instead. We were so proud of his choice that we decided to match whatever he donates!
Current Is A Parents Lifesaver
With Current, parents have full visibility to everything their kids are spending money on. I love that you can see exactly what store and what date they made that purchase.
You can also block unsuitable spending categories and set spending limits. Let’s say your child gets grounded and isn’t allowed to spend any money (you know it will happen!), the card can be paused with a click of a button. It’s SO nice!
Signing Up For Current
Signing up is super easy too! Just sign up for a free trial of Current with your email address and fill out the simple form. Within a few days, you’ll receive your child’s debit card in the mail and can start them on a path to financial success. After that, the fee is only $3 a month for one child and only an extra $1 for each additional child. So SUPER cheap and totally worth it for us cash lacking parents!
Since joining Current, not only do my children complain less about doing chores they are actually learning financial responsibly. Something that is an invaluable life lesson! Plus it makes them feel “cool” 🙂
Krystle Cook – the creator of Home Jobs by MOM – put her psychology degree on a shelf and dived into a pile of diapers and dishes instead. She is a wife and mother to two rambunctious boys, sweating it out in her Texas hometown. She loves cooking, DIY home projects, and family fun activities.