Raising Quicken Kids

logo.gifI’m always looking for ways to raise my kids’ appreciation for money. Recently, we started something that has had positive results–we set up checking and savings accounts for our kids in Quicken. The accounts aren’t linked to actual bank accounts–mom and dad keep the money. We track in the checking accounts all incoming funds, including allowance, gifts, and any money they earn. Ten percent of all incoming funds gets transferred to their Quicken savings accounts, eventually to be invested.

As they spend money, we list as the payee a description of what they bought (e.g., candy, clothes, charity). Over time, they can see how they’ve spent their money. And recently, this helped my daughter make a wise financial decision. She had bought a pair of jeans she saw at the store for $25. At the time, she seemed happy with the purchase. When she looked at the $25 flying out of her Quicken checking account and her remaining balance, however, she had second thoughts. In the end, she returned the jeans, having decided that the $25 could be better spend on other things. That’s exactly the kind of choice we are trying to teach our kids.

Published or Updated: March 15, 2013
About Rob Berger

Rob founded the Dough Roller in 2007. A litigation attorney in the securities industry, he lives in Northern Virginia with his wife, their two teenagers, and the family mascot, a shih tzu named Sophie.

Comments

  1. pf101 says:

    EXCELLENT! I *love* to read about people who are teaching their kids financial management! They’re our future and we have to teach them well. Great job!

  2. Andy says:

    Awesome post. Thanks for the read.

  3. Heather says:

    I am working with primarily 5th grade students but am interested in starting a school-wide quicken program for kids to have real life experiences buying and selling and using quicken’s program. Do you have anything like that available?

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