How to rack my kid's money?

prl prl at ozemail.com.au
Mon Oct 1 02:21:02 EDT 2012


Make the allowance accounts sub-accounts of the real account you're 
paying from for purchases mande on their allowances?

Or give them pre-paid "credit" cards that you top up automatically with 
their allowance every week (or whenever). Visa USA calls them Visa 
Prepaid Cards - not a particular recommendation, and I'm sure other card 
providers and other card markets have similar products (Visa Australia 
certainly does).

Peter

On 1/10/12 14:41, Jim Leek wrote:
> I have not been very good about paying my children's allowances.  This is partially because I rarely carry cash, and then they lose the cash anyway.
>
> Since I use Gnucash to track my finances, I thought it would be a good idea to make accounts for my kids.  Every week I could transfer $X into their account, and when they spend money, I can use my credit card to pay for it, and then just assign that purchase to their money in Gnucash.  At least, that's the theory.  The thing is, I'm not sure how to implement it.
>
> I want to track how much money they have, but I don't actually transfer that money anywhere in real life.  My bank account has the same real balance as it did before I paid their allowance, it's just that some of that money is now theirs, so I don't want to actually make a transfer.
> This sounds kind of like a budget?  Or maybe a liability?
>
> Any ideas?
> Thanks,
> JIm
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