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26 Fredericksburg Parent and Family • June 2018 written by Nikki DucAS family money RESPONSIBLE Financially ever since my eldest was six, we gave him a small allowance and told him if he saves for something that he really, really wants then we would match his savings for the pur- chase. Wouldn't you know it; he still has that Nintendo DS. It's been said if children are financially invested in a purchase then they're more likely to be responsible with it. However from my experience, young children have the need to spend their money as quickly as they earn it. Like most parents, we struggle to show our kids that their small change can add up so they can purchase something of worth rather than wasting money on cheaply made junk or candy. For the past three years, we've used Dave Ramsey's Give, Save, Spend approach to money with a third of his allowance split equally for charity, savings and spending. He has no problem safeguarding his Give and Save banks, but holding onto the Spend money for big picture purchases is his nemesis. His Spend cash always seems to be left randomly around the house despite the fact that he has a wallet. Conveniently he never seems to have his wallet with him when we're out shopping. I was also finding it hard to keep enough dollar bills around for payday and I wanted to somehow track his cash from chores. My children have chores that they are expected to do as part of the family, but they also have opportunities to earn extra cash for going above and beyond. See my past article, Creative Ways to Pay for Chores . After researching financial education apps, I chose to download the free KidsBank-Lite app on our iPad. This is a virtual spend- ing and saving account that also allows for savings for charity. It automatically credits weekly allowance and interest on Sundays. I am able to edit jobs and set payment scales. I really like that it teaches the importance of compound inter- est which shows him that his money is working for him rather than when it is just lying around the house. Mobile money apps are natural next steps for kids that have been saving their change in a piggy bank. Technology is changing how children use and view money with the most impact on teenagers. They no longer use cash for purchases, since they set up virtual bank accounts and swipe bank debit cards. See my past article Abstract Money. KidsBank and other virtual banking apps for kids have helped my son and millions of other children learn finan- cial responsibility by offering lessons on how to budget and set savings goals. He feels empowered knowing how much money he actually has to save, give and spend. It has made my life easier too! Teaching Kids to be