3 ways ChoreMonster can help prepare your kids for their first bank account

ChoreMonster is a great tool for making chores fun. But have you ever stopped to think about how it is preparing your children for their futures? Ok, that sounds too dramatic, but in all seriousness, there are some real building blocks being put in place that can help down the road. Today, I want to give you three ways that ChoreMonster can help prepare your kids for their first bank account.

1. To Spend Or To SaveWe’ve already done a post about this, if you haven’t seen it, take a minute and give it some time. The basic point though is that for kids up to a certain age, money doesn’t mean anything to them. They get it in a birthday card and forget about it immediately or they lose it or they spend it right away on whatever is right in front of them at the time. They don’t look at money the way they will someday have to look at it, and that’s alright. But with ChoreMonster, they have points that they have to make actual decisions about. Do I cash in my hard earned points for IPad time or save them up to get that LEGO set I’ve been wanting? It won’t be long until the IPad time is a new skateboard and the LEGO set is a new car so our kids can’t learn this lesson soon enough.

2. Understanding The Digital Realm – It’s happening more and more everyday, the way we handle money is becoming a digital process. We grew up around our parents writing checks and carrying cash. But the generation below us will do that less and less, if at all. I can already take a picture of my paycheck with my IPhone and have those funds added to my bank account. I can pay for stuff at more and more stores using my phone as well. And now, more than ever marketers and banks are vying for your kids cash. Using ChoreMonster on a regular basis not only makes chores fun and allows your kids the chances to win cool monsters and rewards, but it also helps them become more and more familiar with the digital tools and processes that are becoming more and more essential to our daily lives.

3. Kids Taking Ownership – Lets be honest, our kids don’t have ownership of too many things outside of their toys and clothes (which they don’t care too much about usually). While kids are young, their parents take care of everything, but someday it will be time for the kids to take ownership of not only their stuff, but of their own money. ChoreMonster allows kids to take ownership of their points right away and make tough decisions, even though they might be about seemingly frivolous things.

These things won’t teach your kids about interest and writing checks and debit cards, but they will lay a strong foundation for those lessons, and plenty of others that are sure to follow.

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