Banking on your kids

"My name is Anna Sophia Corra, and I'm 14 years old. My chores are doing the laundry, cleaning my room [and doing the] dishes."

Chores for Anna are a lot like the ones her dad did growing up.

"Mowing the lawn, vacuuming and dusting," she continues.

But, unlike the gold star on the fridge he would get when he was done, Anna gets something else.

"I get cash. For the dishes, I do them every day for 50 cents. Every Sunday, I get $2.50 for laundry, and $2 for cleaning my room."

Anna gets paid through North Texas based PAYjr.

David Jones is the company CEO and a father himself. "I think the time has finally come for the evolution from cash allowances to plastic for teens and for kids."

Parents log on to PAYjr.com and set up a schedule of chores and a pay scale for their kids. Because there are never any penalty or non-sufficient funds fees, the service priced - at less than $4 a month - could end up costing less than a teen checking account.

When each chore is done, the item is checked and the kid gets paid. Money is then put into a savings account or onto a PAYjr debit card designed to teach kids a lesson about personal finances.

Kids can personally design the face of their card, too.

"I'm learning to save up and use my money wisely and not spend it all in one day," says Anna.

PAYjr is only for kids 12 and under, and there's no cost to sign up.

For more information, their Web site is www.payjr.com.