How to rack my kid's money?

[Davide Imbeni]

I have the exact same use case :-)
I solve it with a liability account, as if I had a debt with my kids.
Whenever their grandparents give them cash gifts, I get the cash in my
pocket and increase my debt towards them.
When they'll be old enough to need an allowance, I guess I will start
increasing my debt weekly (from expenses->Children allowance TO
Liabilities->Children debt), and decrease it whenever I actually give them
cash (Assets->Cash in my pocket TO Liabilities->Children debt)
I even got as far as allowing a small interest rate for the money they
"lend" to me...


On Mon, Oct 1, 2012 at 6:41 AM, Jim Leek <jrleek80 at yahoo.com> 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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