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Best apps for helping kids manage allowance
Asked by John
Getting your kids to earn an allowance and properly managing them is a good practice as it provides them a sense of financial responsibility at a young age. There are many tools available that can let you manage and track them efficiently.
Irrespective of how kids are paid allowances, it is important to ensure they learn the skills of managing money efficiently from a young age. In general, there are three schools of thought with regards to paying kids an allowance: kids should be given an allowance unconditionally, paid when needed or should be paid an amount in exchange for doing chores. As such, there are different types of allowances to pay kids each of which has its pros and cons. Nevertheless, it's best to teach kids to manage allowances at home as opposed to learning them at school.
For those parents that decide on paying allowances for chores, it is important to find an efficient way of assigning and tracking chores so the kids can easily manage their allowances. In most cases, assigning chores for an allowance is a great way to motivate kids to earn money. There are many apps to track chores and assign them to your children. Apps such as Homey lets you easily communicate to your kids which tasks are paid and which are not. It also provides a clean dashboard if you have to manage chores for 2 or more kids.
Being a great parent involves using methods that effectively let your kids learn money management and budgeting skills along the way.Hence, a great way to do that is to provide your kids with the right tools such as apps to track allowances and manage their savings. For instance, Rooster Money provides a platform for calculating allowances for kids to ensure they have enough to spend but also that they are able to save a certain amount too. With regards to payments, you could use a tool that syncs with your bank account to let you easily transfer allowances to kids.
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RoosterMoney: Piggy Bank, Allowance and Chore App
A pocket money manager, chore chart, rewards and saving app for kids
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Homey - Chores and Allowance
Chorechart for kids with pocket money management with save, spend, donate goals.
HomeyLabs Inc
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Getting your kids to do chores in return for money is a great way to provide them with work and responsibilities. The kids can easily track their allowances for work assigned by their parents. They can be useful if you have 2 or more kids as they can be easily managed on a dashboard.
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Home Budget with Sync
Expenses, Bills, Budget and Accounts - All seamlessly integrated in one app!
Anishu, Inc.
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When you have 3 kids, finding a way to show them how to track your spending as a family is essential. As their awareness of how much they cost the family rises, so will their financial responsibility.
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Mercy
Teaching your kids to manage their allowances from a young age can go a long way in helping them become responsible adults. With every allowance you give them, teach them to save 10% for a rainy day. That's what Rooster Money is all about.