Thursday, November 5, 2009

Kidzillions - Parents Teaching Fiscal Responsibility

Kidzillions is a new service (still in Alpha) designed to help parents teach their pre-teen and teenage children fiscal responsibility. Kidzillions basically takes the idea of an allowance and applies it to an online format. The way that Kidzillions works is parents create accounts for themselves and their children. Then parents establish a list of chores and tasks along with the compensation for the tasks. When the child has completed a task, money can be transferred into their account. The child then can shop with the money, but all purchases have to be approved by the parents.

Applications for Education
Kidzillions looks like it could be a good way for parents to introduce the concepts of fiscal responsibility to their children.