Want to get my boys on a real budget system before they turn 16. Thinking chores tied to actual earnings, them managing their own money, learning consequences. Should I use cash only or is an app okay? What age is appropriate to start this?
Have them open an actual bank account too. Something about seeing their money accumulate in a real account (not just cash under the mattress) makes it click for them way faster.
The real lesson isn't even the money, it's the connection between work and reward. That's going to serve them way better than any specific dollar amount.
Chore-based allowance system is solid. My oldest is 14 and we tie his phone bill to actual work around the house. He's way more motivated now that it's directly connected to something he cares about.
Start with smaller monthly amounts and specific chores. Don't make it overwhelming. My mistake was trying to teach too much at once and my kids just checked out.
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Before you do this make sure you actually follow through. The system only works if consequences are real. I see too many dads set this up and then not enforce it.