KidCash is as flexible as you are. We work hard to create as much value for you as we can dream up. Here are some of the different ways you can implement the system to get your creative juices flowing including our favorites, "The Reverse Psychology", "The Auction" and more.
As a parent, you determine how to handle the KidCash dollars that your child didn't use by the end of the week. You can establish an exchange rate, such as every three KidCash dollars equaling one U.S. Dollar or exchange currencies differently, like trading one candy dollar for two device dollars. Whatever you decide, ensure that it aligns comfortably with your budget and financial goals.
Plan a trip to a cherished, preferably local, toy store as a reward for your child for accumulating hard-earned KidCash dollars. This trip allows them to enjoy themselves and pick out items, knowing they can only spend the amount they've earned and nothing more. It's a hands-on way for them to understand the value of their money and make choices within their budget.
In this phase, you permit your child to convert leftover candy, device, or activity currency into spending dollars. This practice teaches them the benefits of setting limits and making choices, fostering self-discipline that can prove valuable in the future. It's a valuable lesson in managing resources and making conscious decisions about spending.
This phase involves using one of our goal sheets to provide your child with a visual way to track their progress toward a specific goal. You can find an item they really want, glue a picture of it on the left side of the sheet, and let them check off the boxes every time they decide to allocate their KidCash dollars toward it. This visual representation helps them see their progress and reinforces the importance of saving for something they desire. You can download our free goal sheets here.
During this phase, your child has the option to use their KidCash dollars to "buy" time instead of physical objects. For example, they might exchange a device dollar for an hour of smart tablet use or use an activity dollar for an hour at the playground. This approach teaches them the concept of trading their currency for experiences or privileges, reinforcing the idea that KidCash can be used for various purposes.
In this phase, encourage your child to spend their KidCash dollars on things that are beneficial for them, such as using a candy dollar to purchase a fruit smoothie or an Activity Dollar to join you on a run. This teaches them the value of making healthy choices and using their currency to promote positive habits. Give them even more bonus dollars for making healthy decisions in the next allowance.
During this phase, you allow your child to use their KidCash dollars for small everyday treats, like adding chocolate to their milk or honey to their cereal. This approach helps them understand the value of their currency in day-to-day life without causing significant imbalances in their spending habits.
During this phase, you explain to your child why certain items are subject to a "tax." For example, if it's a Candy Dollar, you might say something like, "You have a budget for Ice Cream because too much sugar is not good for your health. It can make you eat less of the healthy stuff. However, having a treat is perfectly fine as long as it's in moderation. That's why you can use your Candy Dollars to enjoy some ice cream occasionally." This explanation helps them understand the reasons behind budgeting and making balanced choices.
