Household finance 101

Dear PropellerHeads: When I got out of school, I knew how to balance a checkbook and not much else. Anything I can do to make sure my kids come out a little better prepared?

A: Were you walking 10 miles uphill both ways in 2 feet of snow to school at the time? Oh wait, this isn't a bitter question about how kids have it so much easier than us old fogeys did? Sorry, it's a reflex...

There's a legitimate concern in schools these days that the lesson plan for our progeny is geared more toward metrics than finishing school ready to function as adults in the real world. One area that has been lacking for years has to do with basic household finances.

Whether you own a household or not at that time, knowing how to properly recognize your income, expenses, and budget for your goals is something that's vital to any young adult. Funny thing is, I don't remember having it covered in Algebra 2.

Fortunately for our kids, there's some serious progress being made here. While not necessarily on online resource for kids in its primary form, Biz Kid$ (bizkids.com) is a show that integrates fun activities, skits, and demonstrations that can teach junior to not only respect the value of a dollar, but also how to collect more of them. The website itself has lesson plans and other activities that allow parents to take a more direct role in passing along some very important basics (or learn themselves, honestly).

If you have older kids and need a more modern solution that will keep them engaged whilst their faces are buried in their phone or tablet, check out Fam Zoo (famzoo.com). Fam Zoo allows you to either manage a family-based pack of prepaid debit cards or keep funds you're keeping elsewhere organized with a virtual account tool. Using the dedicated prepaid cards gives you the most functionality, so I'll speak to that option.

With the prepaid Family Debit card pack ($59.99 for two years), you link one parent card with a funding source (traditional bank account, PayPal, etc.), and distribute the funds to the other cards associated with your account. From there you can not only set spending caps, but also set goals for saving and even set aside money for charitable contributions.

You can access your account from a traditional computer or mobile device. Rather than your rugrats seeing you as a walking ATM, you can actually teach them what it's like to use one: limited funding, hunting down fee-free ATMs, all the joys associated with managing your cash flow.

Want to take this to the next level? Great, that always excites PropellerHeads. Check out Three Jars (threejars.com). This clever site can help your kids spend, save, and share (get it?). You know how every parent jokes about their kid getting a job to pay for the things they want? Three Jars makes that a possibility... sorta.

Three Jars allows you to set up "jobs" for your kids around the house. That's right, it brings chores into the 21st century and at the same time teaches the young'uns how to value their time, save for what they want, and prepare to support you when you're old and the diaper-changing roles have reversed in the least humorous way possible.

However you want to try and educate your kids on the importance of a dollar, hard work, and of course that Cokes no longer cost a nickel at the general store, we wish you luck. Oh, and if you get a chance, can you ask junior if he can spot us a benji until next payday? We're good for it, I swear.

When the PropellerHeads at Data Directions aren't busy with their IT projects, they love to answer questions on business or consumer technology. Email them at questions@askthepropellerheads.com or contact us at Data Directions Inc., 8510 Bell Creek Road, Mechanicsville, VA 23116. Visit our website at www.askthepropellerheads.com.