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ThreeJars, Inc. is a U.S.-based company specializing in teaching financial literacy to children aged 5 to 13 through an online allowance service. They believe it is best to teach children about money early in life, through allowance, and hands-on experience.
Financial literacy is the possession of the set of skills and knowledge that allows an individual to make informed and effective decisions with all of their financial resources. Raising interest in personal finance is now a focus of state-run programs in countries including Australia, Canada, Japan, the United States and the United Kingdom. Understanding basic financial concepts allows people to know how to navigate in the financial system. People with appropriate financial literacy training make better financial decisions and manage money better that those without such training.
ThreeJars works like an online bank for children, but instead of cash, parents pay allowances in IOUs, representing real money. Parents decide how the allowance will be allocated to their child's SAVE, SPEND and SHARE Jars. Parents can track chores and paying projects. Earned IOUs are credited to a child's jars, but the actual cash stays with the parent. A parent's approval is required for all financial transactions. Children learn to budget, set financial goals, delay gratification, earn interest, and make charitable donations. Children track their financial choices.
An IOU is usually an informal document acknowledging debt. An IOU differs from a promissory note in that an IOU is not a negotiable instrument and does not specify repayment terms such as the time of repayment. IOUs usually specify the debtor, the amount owed, and sometimes the creditor. IOUs may be signed or carry distinguishing marks or designs to ensure authenticity. In some cases, IOUs may be redeemable for a specific product or service rather than a quantity of currency, constituting a form of scrip.
ThreeJars employs the financial expertise of Jean Chatzky.
Jean Sherman Chatzky is an American journalist, a personal finance columnist, financial editor of NBC’s TODAY show, AARP’s personal finance ambassador, and the founder and CEO of the multimedia company HerMoney.
ThreeJars is located in Westport, Connecticut and services the United States and Canada.
Westport is a town in Fairfield County, Connecticut, United States, along Long Island Sound within Connecticut's Gold Coast. It is 52 miles (84 km) northeast of New York City. The town had a population of 26,391 according to the 2010 U.S. Census, and is ranked 19th among America's 100 Richest Places as well as third in Connecticut, with populations between 20,000 and 65,000.
ThreeJars was founded by a husband and wife of six children: Anton Simunovic and Carlotta McClaran. The founders explain on their website:
Like most parents, my wife and I wanted our kids to lead happy, purposeful lives. But how to raise a child with a mind for managing money and a heart for helping others? Despite a career in finance, I found it hard to speak to my kids about money. While I didn't want them to feel entitled, I didn't want them to stress over money either. We all know that if you do not learn to manage money responsibly it will end up managing you. If we're lucky, we also understand that by helping others we are really helping ourselves. Both of these values are at the core of ThreeJars.[ This quote needs a citation ]
ThreeJars has partnered with several experts (including Jean Chatzky), companies (including Rogers Communications and Parents Magazine), and charities in the fields of finance, parenting, and philanthropy. Charities that may be supported by ThreeJars clients include:
Rogers Communications Inc. is a Canadian communications and media company. It operates particularly in the field of wireless communications, cable television, telephone, and Internet connectivity with significant additional telecommunications and mass media assets. The company is headquartered in Toronto.
Parents, published by Meredith Corporation, is an American mass circulation monthly magazine that features scientific information on child development geared to help parents in raising their children.
ThreeJars.com has been reviewed in various publications and websites, including Consumer ReportsMoney Crashers and Yahoo Finance
In general, reviewers agree that the site's independence from credit card payments is a benefit. (Children request payouts from their virtual accounts, and parents receive an alert of the request, fulfilling the request out of their own cash on hand.) However, they disliked the option of payouts in gift cards, noting that such cards limit a child's choices of how to spend their money, and often go unredeemed or partially redeemed. [ citation needed ]Since the Consumer Reports review, ThreeJars has ceased to offer gift cards as a redemption option.
An Individual Savings Account is a class of retail investment arrangements available to residents of the United Kingdom. It qualifies for a favourable tax status. Payments into the account are made from after-tax income. The account is exempt from income tax and capital gains tax on the investment returns, and no tax is payable on money withdrawn from the scheme either. Cash and a broad range of investments can be held within the arrangement, and there is no restriction on when or how much money can be withdrawn. Funds cannot be used as security for a loan. Until the Lifetime ISA was introduced in 2017 it was not a specific retirement product, but any type can be a useful tool for retirement planning alongside pensions.
Personal finance is the financial management which an individual or a family unit performs to budget, save, and spend monetary resources over time, taking into account various financial risks and future life events. When planning personal finances, the individual would consider the suitability to his or her needs of a range of banking products or investment private equity, and insurance products or participation and monitoring of and- or employer-sponsored retirement plans, social security benefits, and income tax management.
Child benefit or children's allowance is a social security payment which is distributed to the parents or guardians of children, teenagers and in some cases, young adults. A number of different countries operate different versions of the program. In the majority of countries, child benefit is means-tested and the amount of child benefit paid is usually dependent on the number of children one has.
Sharon L. Lechter is an American accountant, author, businesswoman, investor, motivational speaker, financial literacy activist and philanthropist. She is the co-author of Rich dad poor dad, and the founder CEO of Pay Your Family First, a financial education organization.
Credit is the trust which allows one party to provide money or resources to another party wherein the second party does not reimburse the first party immediately, but promises either to repay or return those resources at a later date. In other words, credit is a method of making reciprocity formal, legally enforceable, and extensible to a large group of unrelated people.
A Child Trust Fund (CTF) is a long-term savings or investment account for children in the United Kingdom. New accounts cannot be created but existing accounts can receive new money: CTF new accounts were stopped in 2011 and replaced by Junior ISAs.
Gail Vaz-Oxlade is a Jamaican-Canadian financial writer and television personality who lives in Brighton, Ontario, Canada. Vaz-Oxlade hosts the Canadian television series Til Debt Do Us Part, Princess and, most recently, Money Moron. Vaz-Oxlade is also a regular columnist for Yahoo! Canada Finance. Previously, she was a regular feature writer for The Globe and Mail, Chatelaine magazine, IE: Money and MoneySense.ca, among others. Gail most recently ventured into the divorce realm by offering financially based divorce services through Common Sense Divorce.
A credit card is a payment card issued to users (cardholders) to enable the cardholder to pay a merchant for goods and services based on the cardholder's promise to the card issuer to pay them for the amounts plus the other agreed charges. The card issuer creates a revolving account and grants a line of credit to the cardholder, from which the cardholder can borrow money for payment to a merchant or as a cash advance.
An allowance is an amount of money given or allotted usually at regular intervals for a specific purpose. In the context of children, parents may provide an allowance to their child for their miscellaneous personal spending. In the construction industry it may be an amount allocated to a specific item of work as part of an overall contract.
Chore charts are also called reward charts, behavior charts, chore calendars, chore lists or task lists. A chore chart is a listing used to track and organize the house work. The chart can be physical or virtual and is often a means used by parents to post chores expected of their children.
Arizona Saves is a non-profit organization offering free services to promote financial education throughout the state of Arizona. It partners with other non-profit and community development agencies, financial institutions, faith-based organizations, and city governments to provide no-cost financial education for low- to moderate-income individuals and families.
Susan Beacham, also known as “Mrs. Money”, is an American personal finance expert, specializing in financial literacy for children. Her career in banking led her to found the company Money Savvy Generation. The company develops educational toys, curriculum, and resources to teach financial education to children of all ages. Through her blog, she offers financial expertise to her readers.
The FoolProof Initiative is a project by the FoolProof Foundation that teaches consumer life skills and healthy skepticism to consumers. It teaches consumers to question anyone who wants to impact their money or welfare. Its resources are generally listed under financial literacy resources.
Consumer socialization is the process by which young people acquire skills, knowledge and attitudes relevant to their functioning as consumers in the marketplace. It has been argued, however, that consumer socialization occurs in the adult years as well. This field of study is a subdivision of consumer behaviour as its main focus is on how childhood and adolescent experiences affect future consumer behavior. It attempts to understand how factors such as peers, mass media, family, gender, race, and culture plays an influence in developing customer behavior.
Family Game Night is an American television game show based on Hasbro's family of board games and EA's video game franchise of the same name. The show is hosted by Todd Newton. Burton Richardson announced for the first two seasons, until he was replaced by Stacey J. Aswad for the third season, and then Andrew Kishino beginning in the fourth season. The 60-minute program debuted on October 10, 2010 on The Hub, formerly Discovery Kids. The network would become Discovery Family on October 13, 2014; it was previewed on October 9, 2010 on its sister channel, TLC. Seasons 1 through 3 each contained between 20 and 30 episodes. Seasons 4 and 5 each contained 15 episodes. Season two premiered on Friday, September 2, 2011, and new games were added. The games added to the second season included Cranium Brain Breaks, Green Scream, Ratuki Go-Round, Simon Flash, Operation Sam Dunk, Trouble Pop Quiz, and Spelling Bee.
Oink is a payment enabler that allows children to safely make purchases online or in-store while keeping parents in control of all aspects of spending.
On the Money is a Philippine business news show broadcast by the ABS-CBN News Channel. The show mainly focuses on money-related matters like stock investments, personal finance, and business planning. Breaking down complex information for its viewers, the show aims to help teach Filipinos on how to "Save, Invest, and Manage" their money.
Rachel Cruze is an American author who writes about finances. She is acknowledged as an authority on the subject of personal finance. Her book Smart Money Smart Kids, co-authored with her father, Dave Ramsey, achieved number one on The New York Times Best Seller list in 2014. Her second book Love Your Life, Not Theirs: 7 Money Habits for Living the Life You Want was published in 2016.
PromotionCode.org is a coupon website that provides promotional codes and print coupons to consumers. The corporation's headquarters is in Tallahassee, Florida and it has a west coast office in Las Vegas, Nevada.