The Modern-Day Parent's Answer to Allowance

(NewsUSA) - Some parents feel trepidation about giving their children a weekly or monthly allowance because they fear it will lead to unrealistic standards or a sense of entitlement. But what if there was a way to reward kids based on a clearly defined system of chores that not only taught them about finances, but also how to manage money responsibly? "Divvying up household responsibilities between my older son and daughter sometimes becomes a chore in and of itself. And in doing a search, I came across the site DoughMain.com," writes Boston Globe finance blogger Christine Dunn. "It's not just a tool. It's a system. And it can grow as my family grows." Doughmain.com is the modern parents' answer to the allowance debate. But if doling out a monthly allowance is the best way to teach children financial literacy -- knowledge that most kids lack -- parents should promptly find an amount they're comfortable with and a list of chores. According to the President's Advisory Council on Financial Literacy, schoolchildren are "ill-equipped to understand personal finance." The annual advisory report shows that most students continue to graduate high school without receiving any formal education about managing finances. This lack of financial awareness can have a detrimental impact on college students with financial aid refunds or personal bills. If your child has grown up riding the wave of electronic media and digital tools in the "Net Generation" but you're worried about their financial literacy, Doughmain.com systematizes both education and real-time money management. Kids can access it all from their smartphone, too. Check out some of the services offered by the free tool: * The whole family can join, share and manage an account. * A color-coded, integrated calendar allows families to filter, view and update events for the whole family. * A chore tracker logs completed chores while an allowance scheduler keeps track of what has been earned. * Three interactive, age-relevant gaming sites educate children about finance concepts through teacher-developed content. * As children mature, you can link actual bank accounts to Doughmain to track deposits, saving and spending. * A Teen Visa Prepaid Card can be used to teach responsible credit card habits.