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Bank on Your Kids

Three Jars founder and CEO Anton Simunovic came up with the idea for this innovative, kid-friendly website after struggling with the challenge of helping his five children learn about responsible money management. Much more than a digital piggy bank, Three Jars helps teach kids about earning, saving, and spending money in a safe, easy-to-use environment controlled by their parents. When parents sign up for a Three Jars membership, an account is also created for their child. Parents choose how much and how often to pay an allowance, and these payments — along with any gifted money — are posted to the child’s Three Jars account. Parents hold the actual cash, while Three Jars tracks each child’s earnings. Kids choose what to do with their money: save it, spend it, or share it. There are several investment options, which allow a child to earn interest from their parents as though they had put their money in a bond, CD, or high-yield savings plan. Kids can spend their money by requesting cash or gift cards, and the sharing option allows kids to make donations to the charity of their choice. While kids manage their own accounts, all financial decisions require parental approval. It’s a fun and secure way to teach financial responsibility, and Three Jars makes monthly donations to causes chosen by the community of kids using the service. Three Jars recently changed its name from FiftyP

Three Jars

Online Allowance Tool

Bank on Your Kids

Three Jars founder and CEO Anton Simunovic came up with the idea for this innovative, kid-friendly website after struggling with the challenge of helping his five children learn about responsible money management. Much more than a digital piggy bank, Three Jars helps teach kids about earning, saving, and spending money in a safe, easy-to-use environment controlled by their parents. When parents sign up for a Three Jars membership, an account is also created for their child. Parents choose how much and how often to pay an allowance, and these payments — along with any gifted money — are posted to the child’s Three Jars account. Parents hold the actual cash, while Three Jars tracks each child’s earnings. Kids choose what to do with their money: save it, spend it, or share it. There are several investment options, which allow a child to earn interest from their parents as though they had put their money in a bond, CD, or high-yield savings plan. Kids can spend their money by requesting cash or gift cards, and the sharing option allows kids to make donations to the charity of their choice. While kids manage their own accounts, all financial decisions require parental approval. It’s a fun and secure way to teach financial responsibility, and Three Jars makes monthly donations to causes chosen by the community of kids using the service. Three Jars recently changed its name from FiftyP

Grommet Launch Conversation

Grommet Launch Conversation

  • Anton, FiftyP Founder
    Anton, FiftyP Founder

    Hi Grommeteers! It’s good to be here. FiftyP a socially conscious, money management website for kids; the only place where kids earn, invest, save, spend and share their own money – and have fun doing it. In short, we help kids develop a healthy relationship with money.

    At FiftyP, it all starts with allowance - the best tool a parent has to teach kids about money. The good news is that most American families pay allowance. And yet recent studies show the rate of bankruptcy amongst 18-to-24-year-olds has grown faster than in any other age group! Why? Because paying allowance the old way - into the bank or piggy bank – doesn’t teach them much.

    At FiftyP, earnings are actively managed by the child in a 100% safe and structured environment. Only when kids make their own financial decisions in a community of like-minded kids, do healthy money habits stick.

    I’d also like to mention that FiftyP gets kids talking – with family and friends: not about the brands they “need” to have, but about things that matter. Like financial goals, safe investments, and the future. We also get them talking about social causes that make a difference and we lead by example: FiftyP stands for 50% - as we donate 50% of our profit to charity. Because giving back is also part of a healthy relationship with money.

  • Pamela
    Pamela
    3/13/2009 12:10 PM

    This is an AMAZING tool! I'm definitely going to get my daughters working with this! Thank You!

  • marie
    marie
    3/13/2009 12:17 PM

    What a terrific tool for teaching kids about money management, particularly in today's economy!

  • Gary
    Gary
    3/13/2009 12:25 PM

    FiftyP is clearly an excellent learning tool but feel strongly that it is unrealistic to be teaching children that they should be "giving back" fifty percent of what they earn. Even the strict old biblical rule only calls for 10%. My suggestion is that the percentage to "give back" also be a decision made by the kids but that a minimum of 10% is a requirement.

    If we are teaching our children in a realistic structure, lets be consistent.

    Gary

  • Jules
    Jules – Grommet Team
    3/13/2009 1:27 PM

    @Gary Sorry that 50% "giving back" point was probably confusing on the video. 50% is simply the % that the company FiftyP gives, from their own profits, to charity. They have no say or influence directly on what kids decide to do, with their own money. The families using the service can set any % they like... I agree...50% given to charity would not be realistic in any typical budget....from individual child to a full family! For a child, it could even be a deterrent to earning money. Too onerous.

  • Jeanne
    Jeanne – Grommet Team
    3/13/2009 1:35 PM

    I've been using FiftyP with my son and what I like about it is that you can talk to your kids about how much they want to save, spend, and share ... and make adjustments as frequently as you want.

    So you can set it up to drop 70% of their allowance into their "spend" account, 20% into the "save" account and 10% into the "share" account, for example.

  • Kristen
    Kristen
    3/13/2009 1:48 PM

    I once heard Dan Kindlon, child psychologist and author of "Too Much of A Good Thing" and "Raising Cain", speak about this type of allowance arrangement. I really like the idea, but struggle to implement it with all the other distractions in life. I think it's great that FiftyP has put some structure around this for busy families. I will check it out.

  • Aldagh
    Aldagh
    3/13/2009 1:52 PM

    This is another excellent product from the Daily Grommet. I live in Ireland and it seems it's only for the USA & Canada. I've asked them if it can indeed be used internationally - I can live with the dollar signs! :) . Fingers crossed. Aldagh

  • Anton, FiftyP Founder
    Anton, FiftyP Founder – Special Guest
    3/13/2009 2:13 PM

    Thanks for the clarification Jules. One further point: FiftyP shares 50% of its profit because we want *all* kids to participate in "giving back" - even if they don't have their own Share Money. Charity is an important part of developing a healthy relationship with money.

  • Anton, FiftyP Founder
    Anton, FiftyP Founder – Special Guest
    3/13/2009 2:43 PM

    Hi Aldagh - When we're ready to roll Ireland, you'll be the first to know! In the meantime, there's a lot your family can do with a Free Membership. p.s. my wife and I recently returned from County Cork and love your country!

  • Jeff
    Jeff
    3/13/2009 6:50 PM

    Great product! Now if we can just figure out how to get our kids to actually do their chores, they'd have money to put into the account. We'll give this a try. :)

  • Anton, FiftyP Founder
    Anton, FiftyP Founder – Special Guest
    3/13/2009 8:54 PM

    Hi Jeff - You can conveniently load-up chores - as well as projects around the house, or special occasion gifts for each child upon sign-in. Print-out "Fridge View" for easy tracking of responsibilities by child. Allowance can be tied or untied to chores, at any time, at the click of a button. Enjoy!

  • Jeff
    Jeff
    3/14/2009 11:46 AM

    This is a good find. Going to give it a shot w/ our kids. Will keep you posted on how we do.

  • Claire
    Claire
    3/22/2009 8:05 AM

    Love the Simpsons motif in the Child Demo. Also learned from that about the name (Fiftyp). I initially assumed this was a Brit import (maybe w/the Euro they don't have "p's" anymore? My kids are 9 and 13 - will see if they "bite." Our paper system (and wallet in the drawer system) isn't that great. The motivational (propose a chore) side is interesting, as are the savings calculators. Suspect the social networking piece wouldn't do much for them as they are well beyond safe chat in the other online gaming sites they participate in, but understand why you set it up that way...

  • Anton, FiftyP Founder
    Anton, FiftyP Founder – Special Guest
    8/21/2009 6:14 PM

    Hi all - an important update:

    Our name has changed…but our mission is the same!

    We are now ThreeJars – think Save, Spend, and Share. ThreeJars transforms how kids think about and handle money.

    www.threejars.com

    Raise money-wise, caring kids

The launch day conversation has ended. Please direct further questions about this Grommet to our Community Experience Team.

 

Three Jars

Online Allowance Tool

Bank on Your Kids

Three Jars founder and CEO Anton Simunovic came up with the idea for this innovative, kid-friendly website after struggling with the challenge of helping his five children learn about responsible money management. Much more than a digital piggy bank, Three Jars helps teach kids about earning, saving, and spending money in a safe, easy-to-use environment controlled by their parents.

When parents sign up for a Three Jars membership, an account is also created for their child. Parents choose how much and how often to
pay an allowance, and these payments — along with any gifted money — are posted to the child’s Three Jars account. Parents hold the actual cash, while Three Jars tracks each child’s earnings.

Kids choose what to do with their money: save it, spend it, or share it. There are several investment options, which allow a child to earn interest from their parents as though they had put their money in a bond, CD, or high-yield savings plan. Kids can spend their money by requesting cash or gift cards, and the sharing option allows kids to make donations to the charity of their choice. While kids manage their own accounts, all financial decisions require parental approval.

It’s a fun and secure way to teach financial responsibility, and Three Jars makes monthly donations to causes chosen by the community of kids using the service.

Three Jars recently changed its name from FiftyP
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Grommet Launch Conversation

  • Anton, FiftyP Founder
    Anton, FiftyP Founder

    Hi Grommeteers! It’s good to be here. FiftyP a socially conscious, money management website for kids; the only place where kids earn, invest, save, spend and share their own money – and have fun doing it. In short, we help kids develop a healthy relationship with money.

    At FiftyP, it all starts with allowance - the best tool a parent has to teach kids about money. The good news is that most American families pay allowance. And yet recent studies show the rate of bankruptcy amongst 18-to-24-year-olds has grown faster than in any other age group! Why? Because paying allowance the old way - into the bank or piggy bank – doesn’t teach them much.

    At FiftyP, earnings are actively managed by the child in a 100% safe and structured environment. Only when kids make their own financial decisions in a community of like-minded kids, do healthy money habits stick.

    I’d also like to mention that FiftyP gets kids talking – with family and friends: not about the brands they “need” to have, but about things that matter. Like financial goals, safe investments, and the future. We also get them talking about social causes that make a difference and we lead by example: FiftyP stands for 50% - as we donate 50% of our profit to charity. Because giving back is also part of a healthy relationship with money.

  • Pamela
    Pamela
    3/13/2009 12:10 PM

    This is an AMAZING tool! I'm definitely going to get my daughters working with this! Thank You!

  • marie
    marie
    3/13/2009 12:17 PM

    What a terrific tool for teaching kids about money management, particularly in today's economy!

  • Gary
    Gary
    3/13/2009 12:25 PM

    FiftyP is clearly an excellent learning tool but feel strongly that it is unrealistic to be teaching children that they should be "giving back" fifty percent of what they earn. Even the strict old biblical rule only calls for 10%. My suggestion is that the percentage to "give back" also be a decision made by the kids but that a minimum of 10% is a requirement.

    If we are teaching our children in a realistic structure, lets be consistent.

    Gary

  • Jules
    Jules – Grommet Team
    3/13/2009 1:27 PM

    @Gary Sorry that 50% "giving back" point was probably confusing on the video. 50% is simply the % that the company FiftyP gives, from their own profits, to charity. They have no say or influence directly on what kids decide to do, with their own money. The families using the service can set any % they like... I agree...50% given to charity would not be realistic in any typical budget....from individual child to a full family! For a child, it could even be a deterrent to earning money. Too onerous.

  • Jeanne
    Jeanne – Grommet Team
    3/13/2009 1:35 PM

    I've been using FiftyP with my son and what I like about it is that you can talk to your kids about how much they want to save, spend, and share ... and make adjustments as frequently as you want.

    So you can set it up to drop 70% of their allowance into their "spend" account, 20% into the "save" account and 10% into the "share" account, for example.

  • Kristen
    Kristen
    3/13/2009 1:48 PM

    I once heard Dan Kindlon, child psychologist and author of "Too Much of A Good Thing" and "Raising Cain", speak about this type of allowance arrangement. I really like the idea, but struggle to implement it with all the other distractions in life. I think it's great that FiftyP has put some structure around this for busy families. I will check it out.

  • Aldagh
    Aldagh
    3/13/2009 1:52 PM

    This is another excellent product from the Daily Grommet. I live in Ireland and it seems it's only for the USA & Canada. I've asked them if it can indeed be used internationally - I can live with the dollar signs! :) . Fingers crossed. Aldagh

  • Anton, FiftyP Founder
    Anton, FiftyP Founder – Special Guest
    3/13/2009 2:13 PM

    Thanks for the clarification Jules. One further point: FiftyP shares 50% of its profit because we want *all* kids to participate in "giving back" - even if they don't have their own Share Money. Charity is an important part of developing a healthy relationship with money.

  • Anton, FiftyP Founder
    Anton, FiftyP Founder – Special Guest
    3/13/2009 2:43 PM

    Hi Aldagh - When we're ready to roll Ireland, you'll be the first to know! In the meantime, there's a lot your family can do with a Free Membership. p.s. my wife and I recently returned from County Cork and love your country!

  • Jeff
    Jeff
    3/13/2009 6:50 PM

    Great product! Now if we can just figure out how to get our kids to actually do their chores, they'd have money to put into the account. We'll give this a try. :)

  • Anton, FiftyP Founder
    Anton, FiftyP Founder – Special Guest
    3/13/2009 8:54 PM

    Hi Jeff - You can conveniently load-up chores - as well as projects around the house, or special occasion gifts for each child upon sign-in. Print-out "Fridge View" for easy tracking of responsibilities by child. Allowance can be tied or untied to chores, at any time, at the click of a button. Enjoy!

  • Jeff
    Jeff
    3/14/2009 11:46 AM

    This is a good find. Going to give it a shot w/ our kids. Will keep you posted on how we do.

  • Claire
    Claire
    3/22/2009 8:05 AM

    Love the Simpsons motif in the Child Demo. Also learned from that about the name (Fiftyp). I initially assumed this was a Brit import (maybe w/the Euro they don't have "p's" anymore? My kids are 9 and 13 - will see if they "bite." Our paper system (and wallet in the drawer system) isn't that great. The motivational (propose a chore) side is interesting, as are the savings calculators. Suspect the social networking piece wouldn't do much for them as they are well beyond safe chat in the other online gaming sites they participate in, but understand why you set it up that way...

  • Anton, FiftyP Founder
    Anton, FiftyP Founder – Special Guest
    8/21/2009 6:14 PM

    Hi all - an important update:

    Our name has changed…but our mission is the same!

    We are now ThreeJars – think Save, Spend, and Share. ThreeJars transforms how kids think about and handle money.

    www.threejars.com

    Raise money-wise, caring kids

The launch day conversation has ended. Please direct further questions about this Grommet to our Community Experience Team.