Teaching your kids financial skills and responsibility is one of the greatest gifts that you can give them since they’ll carry those habits with them throughout their lives. For example, teaching children how to save and how to be charitable when they are young, will help them to be better stewards of their money and supporters of their community when they are older.
I was recently introduced to the Tykoon website that gives kids the tools they need to develop stronger financial values. Parents setup accounts for their kids then add tasks or chores for the kids to do in return for privileges, an allowance or other monetary rewards. The system tracks real money and inspires kids to take pride in their hard work as they see the rewards grow.
Our kids are expected to help out with certain chores around the house like cleaning their rooms and clearing their plates after dinner in return for TV time, getting to play on the Internet and other privileges. If they want things that aren’t included in our regular budget then they are encouraged to do extra chores in return for cash that they can save up to buy the things they want. Things work differently in different families and I absolutely love that the Tykoon app allows you to create goals and chores for your kids based on your family’s financial values.
With five young kids it is often difficult for us to keep track of whose turn it is to do what but the Tykoon website makes it very easy to see who has been keeping up with their chores and who hasn’t. I really like the printable calendar style chore chart and I think it’s fabulous that the kids each get their own login so they track their own progress and manage personal wishlists of the things they’re saving up to buy for themselves.
It’s super easy to sign up, you can use your Facebook login if you want faster access, and they even have an iPhone app – since my kids rarely let me touch my phone anyway, that’s just perfect! Another really cool feature is that you can invite your friends and family and if five of them sign up for at least a month you get a $25 Amazon gift card. It’s up to you if you want to share that with the kids or not!
Disclosure – I participated in this campaign on behalf of Mom Central Consulting for Tykoon. I received a promotional item as a thank-you for participating. All thoughts and opinions are my own.