How does ThreeJars work?
ThreeJars allows kids to get the right money habits early. That makes a big difference in life. Good money habits require lots of practice, just like when learning to play a sport or an instrument. ThreeJars makes it easy for your child to practice earning, saving and using their own money - when you approve.
1. At sign up you decide how much allowance to pay your child, and how often it will be paid. You also decide how much allowance is earmarked for each of your child's three jars: the Save Jar, the Spend Jar, and the Share Jar.
2. Allowance is now automated although you can add, subtract or cancel with a click.
3. It's important to note your child earns allowance as an IOU. That means, you no longer hand cash as allowance to your child or deposit cash with ThreeJars. But make no mistake the IOUs your child earns represent real money.
4. Now, your child is in a position to practice managing their money - when you approve. They develop the right habits. They:
automatically save a portion of every IOU dollar earned until it becomes habit.
learn how interest works which further roots the savings habit. Savers keep spending and borrowing under control later.
request to earn extra IOUs for taking on Projects around the house (like washing windows). This encourages the entrepreneur in your child.
make requests for cash, which you are immediately notified of. ONLY when you approve a request do you hand over cash to your child. ThreeJars automatically reduces the IOU balance in the appropriate jar.
request to make charitable donations from their Share Jars. ONLY when you approve is your credit card charged and the relevant amount deducted from the IOU balance.
Your child is 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, although ThreeJars works like an online bank for kids aged 6 to 13. 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 on solely developing responsible money habits 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 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 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. 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.
We NEVER charge your credit card without your express permission. In the event your child wishes to make a donation, they generate an online request sent to you via email. You are provided with all transparent details. Only if you approve, is your credit card charged and the corresponding IOU amount deducted from your child's Share Jar.
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. Paying allowance on ThreeJars is your best opportunity for teaching your child to manage money responsibly: to learn to live within their means.
If you're looking for a rule of thumb, many parents pay their child's age in dollars per week, or 1/2 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.
Your child can initiate cash requests from their homepage. Just approve the request - hand over the cash - and ThreeJars automatically deducts the IOU amount from the right jar.
If you're on the move, use our Mobile feature to track spending away from home. Simply send an email to request@threejars.com and in the Subject line, type (a) your child's name, (b) a minus sign, (c) the amount to withdraw, and (d) the jar to withdraw from. (For example: John -10 spend would withdraw $10 from John's Spend Jar). Everything tracked, nice and neat.
Alternatively, you can use the Withdrawal feature on your homepage to withdraw money from your 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.
