31 days of Kids and Technology: Today we are chatting about keeping track of your kid's allowance on an app.
We mean well, no seriously we do. We setup a plan for our older kids to get an allowance. They have a few chores that they are required to do and in exchange they will have a few bucks to buy things that we won't buy for them.
I know there are various opinions on allowance, for us - we want our kids to learn how to manage money and an allowance will allow them to do just that. Plus, hello money is motivation.
Our intentions for allowance started a few years ago. We would totally lose track of how much we owed the kids and at the end of the day was just silly. Thank you technology and apps. While there are many allowance apps in the various app stores, here is the one we recommend:
The Best Allowance App for Kids - Allowance Manager
We love the Allowance Manager app, here's why.
Who doesn't love free. Yes, Allowance Manager does have a annual plan that allows you to introduce a debit card that your kids can use to help teach money management. While the paid version is recommended for 7 and up, we are still using free and it's working fine.
Easy to Use
Setting up the app is super easy. The app interface is very user friendly.
Did I mention we are bad parents who forgot often how much we owe our children. Not any more! You can set the app to auto deposit money each week into each child's account. Another bonus, if they receive money from Grandma, you can add that into their account as well.
No Physical Money
How many times have you been at the store and your kid brings you a toy and declares "I want to buy this with my allowance." Though, chances are their money is at home and who knows how much money they actually have at home. With the app you can just whip out your phone and see how much money is in their account and deduct it right away. Super easy!
Only for Apple iOS
The only downside to this app is that it's only available on Apple iOS. BUT, if you do want to pay for the premium service, you have access to the account on the web.