How does ThreeJars work?
ThreeJars allows kids to earn their own money, manage their own money (parents always retain financial control), and track the consequences of their decisions. Like learning to play a musical instrument or a new sport, responsible money skills are best learned young and through hands-on experience.
1. At sign up parents decide how much allowance to pay their child, and how often it will be paid. They also decide how much allowance is earmarked for each of the three jars: the Save Jar, the Spend Jar, and the Share Jar.
2. Allowance is now automated although parents can add, subtract or cancel with a click.
3. It's important to note kids earn allowance as an IOU on ThreeJars. With our system, parents no longer have to hand kids their allowance in cash and don't deposit actual cash with ThreeJars. But make no mistake, these IOUs represent real money.
4. Now, kids learn to manage their own money. They can:
set long-term savings goals
learn how to earn extra IOU interest from parents - instilling the savings habit - as long as they stick to savings commitments (don't worry, we don't let it get out of hand)
request to earn extra money for taking on projects around the house (like washing windows) to encourage their spirit of entrepreneurship
make requests for cash, which parents are immediately notified of. ONLY when parents approve a request do they hand over cash to their kids and ThreeJars automatically reduces the IOU balance in the appropriate jar.
request to buy retail gift cards from the Spend Jar or make charitable donations from the Share Jar. ONLY when parents approve is their credit card charged and the relevant amount deducted from the IOU balance.
Kids are able to track the tradeoffs between saving and spending, and see the value in sharing. All with their own money.
Convenient for you, a safe and effective experience for your child!
Is ThreeJars a Bank?
No. ThreeJars works like an online bank for kids aged 6 to 13. But rather than depositing cash, parents deposit IOUs owed to their child. Make no mistake however, these IOUs represent real money.
Unlike a bank, ThreeJars is focused solely developing responsible money skills in your child. Kids receive hands-on experience in earning, saving, spending, and sharing, all in an engaging, kid-friendly way with no inconvenience, advertising or risk.
Why does ThreeJars have memberships?
Membership makes it possible for ThreeJars to provide a safe, fun, and effective learning environment for your family - with no advertising. ThreeJars does not profit from the sale of gift cards or charitable donations made.
We have worked hard to keep our costs and overhead low, which permits us to offer ThreeJars for only $30 PER YEAR PER FAMILY (unlimited number of children).
When do you charge the $30 membership fee?
The $30 membership fee is charged after your 15-day free trial. There are absolutely no other hidden fees or costs to membership.
Please note: At Sign up, we confirm that your credit card is valid and in good standing. A $1 authorization is obtained from your card issuer.
THIS IS NOT A CHARGE. However, some card issuers may appear to reduce your available balance by $1 until your card's next billing cycle. Please contact your card issuer if you have additional questions regarding when this amount will be removed from your statement.
Why do you keep my credit card information on file?
A card is kept on record to pay for approved donations or merchant gift cards. These services are offered as part of the hands-on learning experience for your child and as a convenience for parents. ThreeJars does not profit from donations made or gift cards purchased.
We NEVER charge your credit card for these transactions without your express permission. In the event your child wishes to make a donation or purchase a gift card, they generate an online request sent to you via email. You are provided with all transparent details of the transaction. Only if you approve the transaction is your credit card charged and the corresponding amount deducted from your child's IOU balance.
Why does ThreeJars make a monthly corporate donation to charity?
Making a difference in the world is at the heart of what we stand for. We are committed to raising financial and social awareness in kids. We choose to lead by example.
Kids earn points on ThreeJars as they model responsible financial behavior. They can use their points at the Share Shop to support their favorite causes. Points are added up at the end of the month. The more points a cause gets, the bigger its share of ThreeJars monthly donation. In this way even kids that don't have money in their Share Jars, have a chance to share.
How much allowance should I pay my child?
Something! In all seriousness, amount is not as important as its consistent payment and clear expectations associated with payment. Allowance is a parent's best tool for teaching a child to manage money responsibly: to learn to live within one's means.
If you're looking for a rule of thumb, many parents pay their child's age in dollars per week, or their child's age. Choose an amount that fits comfortably within your family budget and is large enough to cover the expenses expected of your child, plus a bit extra to put toward long-term savings, charitable contributions, and the occasional discretionary purchase.
Can I track my child?s spending that occurs outside of ThreeJars?
Definitely. There will be times when your child wants cash for shopping, entertainment, or perhaps for the collection plate at church. ThreeJars makes the accounting easy so all your child's money can be managed from one organized and convenient spot.
Kids can initiate cash requests from their homepage. Just approve the request - hand over the cash - and ThreeJars automatically deducts the relevant amount from the appropriate jar's IOU balance.
Alternatively, parents can use the Withdrawal feature on their homepage to withdraw money from their child's jars. You can even message your child and note the purpose for detailed tracking. Everything organized, nice and neat.
How do I manage my family membership?
The parent's homepage is Command Central for managing all aspects of your family's membership. Use the
Your Account link at the top of your homepage to manage your own personal information and account settings. An intuitive navigation menu next to each child's name allows you to track and make changes to your child's account.
For example, you can change allowance amounts or allocations, track saving, spending and all activity by jar, deposit and withdraw money, add/remove chores and projects, view and print a chore calendar, and more. You can also change your child's profile information or add a favorite picture for a more personal feel.
If ever in doubt, use the
More link at the top of your homepage to search the Help section, or contact us at
support@threejars.com. We'd love to hear from you.
Are donations through ThreeJars tax deductible?
Yes. Charities featured on ThreeJars are all 501(c)(3) non-profit organizations. Donations made by United States-based members are tax-deductible in accordance with the law and your personal tax filing procedures. A charitable receipt is immediately issued when a donation is made. Canadian members, please contact a professional tax advisor to determine if deductions apply.
Copyright ThreeJars Inc. All Rights Reserved
