We're using greenlight app. I seeded each kid's account with $50. I wanted to teach the kids the power of interest. Greenlight let's you set the interest rate on the accounts. I've set it to 120%. So every month the kids earn 10% on thier account. I make a big deal telling them how much they "earned" by just keeping thier money in the account. It's worked for a couple of the kids. They get really excited and try to earn more money so it grows faster.

The kids can earn money by doing thier everyday chores without us nagging them. So if they do thier daily chores on thier own, they can mark off thier chart to earn thier allowance for the day. If we have to nag them, they don't get allowance for the day, but still have to do thier chores anyways. Daily chores are things like brushing teeth, practice instrument, make bed, do thier lessons, etc. They have to complete all of them to earn allowance. If they earn allowance every day that week, we double it.

We also pay for bigger chores that have to be done on weekly basis, like mowing the lawn. If the kid does it without us asking them to do it, they get full amount, if we remind them and they do it right away they get half, if they delay doing it they have to do it for free.

Eventually, we're going to introduce costs to the kids, things like paying for part of Netflix, thier cell phone (when they are old enough), etc.