DIY Kid Banking System Guide

Foundation: Free Bank Account Setup

Find a bank that offers

• No monthly fees
• Joint debit card
• Parental controls and notifications
• Mobile app access
• Examples: Capital One MONEY Teen Account, Chase First Banking (free with parent’s account) or Alliant Credit Union Teen Checking

Digital Management System

Create a comprehensive Google Sheet with:
- Chore tracking
- Task name
- Frequency
- Payment amount
- Completion status
- Income tracking
- Allowance
- Chore earnings
- Gifts
- Other income
- Savings goals
- Target amount
- Current progress
- Expected completion date
- Spending categories
- Entertainment
- Food
- Clothing
- Savings
- Charity

Parental Controls & Automation

• Weekly allowance transfers via bank’s scheduled payments
• Category spending limits through bank controls
• Real-time purchase notifications
• Zelle/Venmo parent-to-child quick transfers for immediate earnings

Financial Education Components

Weekly Review Meeting

• Review spending patterns
• Track savings progress
• Discuss financial decisions
• Plan upcoming expenses

Monthly Learning Activities

• Budget creation exercise
• Savings challenge
• Price comparison shopping
• Basic investment concepts
• Compound interest demonstrations

Quarterly Goal Setting

• Review and adjust savings targets
• Evaluate spending patterns
• Set new financial objectives
• Discuss money management lessons learned

Implementation Tips

1. Start with basic features and gradually add complexity
2. Use bank’s native parental controls before adding external systems
3. Keep consistent meeting schedules for reviews
4. Document all rules and expectations clearly
5. Adjust system based on child’s age and responsibility level

This system replicates premium features while teaching real-world banking skills at no additional cost.