“Mom, can I have $20?” my 13-year old dude asked me the other day.
“What for?” I asked.
“I want to go for pizza on my way home from school today with my friends.”
“And you need $20 for that?”
By the end of the negotiation, I gave my son $5.
My two teenagers have no concept of money, how to save it, how to manage it, how to spend it. My husband and I officially sound like our parents when we ask our boys if they think money grows on trees. They know they’ve never had to work for it (yet) and although we don’t give them the impression that we have an endless supply of it, we’ve apparently made them think that they can simply ask for it and it will appear.
We want to change that attitude. We want them to be smarter about money, even if they aren’t earning it quite yet. We want them to know that when they put a crumpled up $20 bill in their pocket and it goes through the laundry and ends up as lint, that they need to earn that back somehow.
We’ve tried assigning them chores around the house and if they are completed, they will earn a weekly allowance. That worked for one kid for a little while, but not the other, who does not spend as much time at the pizza place as his brother.
So, we need a new plan.
Kiboo to the rescue!
Kiboo is a wonderful resource that improves how you save, spend and even provides a Parent Dashboard to see how each family member has been using their money. It’s all pretty simple. By using the Kiboo Card you — or your teen — can track spending and save for the things they really want. Everything you spend automatically goes into a budget, so you can see where your money is going. Also, if your teen MUST have that iPhone 5, he or she uses the Kiboo Goals tool. Kiboo will guide your teen by telling them how much to save over a given timeframe and then “lock-away” the savings so he doesn’t actually spend it on that pizza place he frequents so much. He can even ask family and friends to “chip in” towards his savings goal, utilizing a feature that is going to be introduced soon.
Kiboo is truly a teaching tool for the whole family. Although we are a few years away from sending our oldest son to college, we are becoming increasingly concerned about the rising school tuitions and costs associated with a child going away to college. Kiboo offers a money library of articles that anyone can access. These articles are written to help guide families with financial decisions they may face throughout their life, such as shopping decisions and the big one for us — college.
One of the best parts of Kiboo is that it’s impossible to spend more than you have on your Kiboo Card. So, your teen can’t go “oops!” I accidentally spent all my money and then some on candy!
Finally, there’s a way we can reinforce good spending and saving habits in real-life situations for our boys so that they will realize that is actually an oak tree rather than a money tree growing in our backyard.
* This post was sponsored by Kiboo. All opinions are my own.