Clever Allowance System: Family's Post Went Viral After Sharing Their Money Technique

People thanked the Weiss family when they found out about an allowance system so genius, it went viral when it was shared on social media. Many folks are thanking them for the financial tips that they can apply within their family.

Good Housekeeping shares their story. The Weiss family's social media post happen on Sunday. Their little boy shared how he handles his allowance. According to him, he gets $1 dollar for his allowance. He then gets to choose where to put his dollar in the containers that were divided into sections. There are four sections he can shoe from and they are: spend, save, invest and donate.

He also shares that she earn two pennies every time he has a dollar in the invest section. This means that with the money he is saving, he is earning interest from it. He also learned the most important thing about giving to others.

"I used to have more but I took some money out and put it in my 'donate section," say her. "We used to it to buy food for people who don't have much money in their 'spend section."

The best way to start teaching our children about finances should start early in life. It is never too early nor too late to have your family learn the value of saving. Every penny earned is a penny saved. Practicing such attitude towards money could also bring our children financial success in the future. It's also perfect way teach about generosity and compassion.

The post earned a lot of praises from their social media audience. Commenters praised the parents for teaching their kids lessons in "the value of money and the value of kindness" and "understanding," which ultimately provoked the boys' father, Steven Weiss, to thanks all those who commended their good deed teaching their children the right way about money. He Thanked his wife too.

For more information about financial literacy for families, you can check this particular Investopedia site. Meanwhile here's a video about how to teach kids about budgeting their allowance. Hope you learn from it too!