This is a sponsored post. I was compensated for my time. All opinions expressed are my own.
I’m so grateful my parents raised me to manage my money wisely and to stay away from credit cards and debt. Those skills and warnings have stayed with me into adulthood. Aside from student loans and a tiny car payment, we are well on our way to being debt free!! We may not have the biggest home and newest cars, but the freedom of being debt free beats the “shiny object” syndrome any day.
Money management isn’t something easily grasped for some people and I believe it’s vital to start teaching our kids at a young age on managing their money wisely.
When we teach our kids to manage their money wisely we are giving them so much more than more money in their pockets. We are instilling in them responsibility, how to make wise choices, thinking skills, problem solving and how to be productive citizens.
I was raised with money jars. My mom labeled them and I’d place my pennies and birthday money in each jar. I was taught to put aside a percentage for charity, spending money, and then savings for the future.
A couple of years ago I took the Financial Peace University course by Dave Ramsey and instead of jars they use envelopes, but the concept was the same. Pay your bills first, whatever was left over you put into paying off debt and then if anything was left over you put that into a savings account.
When I came across the Homey App I was actually excited to use it with my kids! I want so much for my kids to learn how to successfully use their money, instead of money using them.
The Homey App enables you to set household chores for the whole family and track allowance and extra chore commissions, while enabling kids to learn about money management, budgeting, and responsibility.
In the Homey App, chores are divided between responsibilities (not paid, but can be required for weekly allowance) and jobs (paid chores, that usually go above and beyond child's responsibilities).
You can set it up so that your kids must take a photo of the completed chore to show proof that it was done. I loved this idea!
All the earned funds (weekly allowance and chore commissions) go into each child's “wallet” within the app, where they can set up their Jars – saving goals.
These jars can use the popular “save, spend, donate” three jar method, or each of the saving goals can have their own jar (a jar for a new phone, another jar for a new bike, another jar for one charity organization, another for long term savings to be deposited in their bank account).
You can pay your kids in cash or you can connect the child's bank account and transfer the money there right from the app.
Additionally, you can choose to put extra money in your child's wallet if you want to reward them, or take some money out, either like a swear jar, or to deduct an amount from the IOU when you buy things for your kids in a store.
I’m more than happy to pay my kids to do extra chores around the house, because when the Homey App is used; it helps to teach my kids responsibility and money management.
Homey focuses more on helping kids set up saving goals and enables them to learn to manage their own money in the virtual world since it is getting more and more important for the kids to learn the value of a dollar even if they don't have bills and coins in hand.
The Jars feature in Homey resembles what our family has been doing in the offline world for a long time and makes teaching budgeting and financial responsibility easier for this homeschool mom.