What are your thoughts on this?

My son, who is six years old, has a list of chores that he can do throughout the week. Each task accomplished earns him a certain amount of money, or allowance. At the end of the week, on Friday, the money he has earned goes onto a prepaid Visa card, which he uses to buy games, music, or whatever on his Xbox or tablet. He gets paid, which he loves, and he has a payday. He loves this. He can spend it, or he can save it. What do you think about it?

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midnightrose · F

Good idea. Does he know how to keep track of how much he spends and how much is left on the card?

I make my kids save 20% of all money earned. They don't much like it. I figure better for them to make a habit of it now, than a hard lesson later. Plus, I think it will give them a better start for when they are on their own.

Jonathan937 · 31-35, M

@midnightrose Yes, we have a chart with earnings and transactions on it. It's like a giant bank statement.