Last week I highlighted the Money Savvy Pig, a savings bank “for the twenty-first century”. But really, what 21st-cenury kid wants a plastic pig? Today’s youth are all about web 2.0. PAYjr wants to be your web-based solution for chores and allowances. According to the site:

The PAYjr Chore & Allowance System provides free financial education and an online chore and allowance system for your kids to be able to track their chores and be rewarded for completing them. Teach your child the value of hard work and allow them to clearly see the connection between doing their chores and financial reward.

The chore and allowance management system is free, as are the various educational tools at the site. The company makes money off its prepaid MasterCard for teens. (Parents can set up a system whereby their older children automatically receive their allowances by transfer to this MasterCard.)

This seems like overkill for something that has been handled by paper-and-pencil for decades. Also, I don’t like the idea of getting kids started on credit at a young age. On the other hand, maybe if they start young with a prepaid card they’ll learn more responsibility.

There’s a discussion of PAYjr at TechCrunch, including some comments from people who actually use it. (They seem to like it.) I guess I’m old-fashioned. If I had kids, I’d probably opt for the Money Savvy Pig. Or, better yet, canning jars and a piece of paper stuck to the fridge.

[submitted by Russell Heimlich]

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