Pocket money, done on purpose
You are already handing over money every week. These are the tools for deciding how much, how it gets split, and what to pay on the part your child does not spend. Nothing here asks for a signup, and every figure is worked out in your browser.
Why pay interest yourself
Compound interest is the one money idea that changes how a person behaves for the rest of their life, and it is almost impossible to teach, because at real rates on real time scales nothing visible happens. Two percent a year turns a ten dollar jar into ten dollars and twenty cents. So you become the bank: you pay a rate no bank would offer, you pay it weekly instead of yearly, and the effect becomes something a seven-year-old can watch. The rate is fake. The lesson is not.
Guides
- Weekly Interest a Kid Can Actually SeeCompound interest is invisible at real rates and on real time scales. Paying it yourself, weekly, at a rate no bank would offer, is the only version a young child can perceive.
- Allowance for 12 to 14 Year OldsSpending moves online, subscriptions appear, and the allowance should start covering a category rather than being pocket money. What changes, and what to hand over.
- Allowance for 15 to 17 Year OldsOutside earnings arrive, the allowance becomes a base rather than the whole thing, and the parent bank has to close. How to end it well.