Consider Charitable Donations
Parents, with help from their kids, can set the dollars amount or percentage towards each goal. For example, a rule could be to donate 10%, save 20% and have the remaining 70% to spend. The important thing is that kids get acquainted with the notion that every penny earned can’t be spent (think: taxes). And getting used to paying themselves first is a habit that will serve them well throughout life. There are even multi-chambered piggy banks designed for this purpose. Or, for $30 per year, you can allocate allowance dollars for different purposes and keep tabs on your kids’ I.O.U.s with threejars.com.