That said, it’s always good to have competition. Tykoon joins ThreeJars, Famzoo, and others. One important thing to keep in mind when using any of these services is their business model. How each site generates revenues will affect how they approach issues and how they interact with you and your kids. Some sites charge monthly or annual fees. Others leverage the referral incentives from major online retailers or financial companies. Whichever website you choose to manage your children’s allowances, make sure that the sites’ funding model is one you’re comfortable with.

I think this post is excellent, despite having no kids of my own. My favorite part: “They were excited to earn, proud to save, happy to give, and appreciative when they spent.”

I’d love to see more adults (not just kids) be like that. It’s the same type of values I cultivate in my own life and my own blog.

As a millennial myself, I would say that most of my peers and I have doubts about our financial future due to the state of the economy, the cost of college, and job security.

Most of my friends have watched parents get laid off or have to switch careers unexpectedly. Furthermore, we’re all extremely aware of the cost of education and the lack of jobs in many of our fields (it’s not hard to get unpaid internships, but an actual job offer? That’s a rarity).

I am confident that I can appropriately manage my money, but it’s job/earning security that is called into question, and that is the reason why I believe many young people don’t have confidence that they will out-earn their parents.

I’d emphasize to start early and for goodness sakes, make it fun