- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Kids Virtual Banking/Allowance App
Posted on 10/20/20 at 10:31 am
Posted on 10/20/20 at 10:31 am
Not sure if this is best here or Tech Board.
Looking for an app (iOS) that can be a virtual bank for my kids. Something that I can set chores/allowance on, track his gift money, deduct his spending, etc.
I’m handling “saving”/investing for him and his future, so I’d like to have him learn and track to spend his own money.
I like the virtual (only) aspect at this point instead of linking it to a bank card since he’s younger. This also allows me to monitor his spending and I can keep his actual money saved/invested for him. However, a spending card linkage may be a consideration in the future.
Has anybody ever used or have feedback on these apps?
Here’s a few I found searching around:
Rooster Money
Busy Kid
Our Home
Looking for an app (iOS) that can be a virtual bank for my kids. Something that I can set chores/allowance on, track his gift money, deduct his spending, etc.
I’m handling “saving”/investing for him and his future, so I’d like to have him learn and track to spend his own money.
I like the virtual (only) aspect at this point instead of linking it to a bank card since he’s younger. This also allows me to monitor his spending and I can keep his actual money saved/invested for him. However, a spending card linkage may be a consideration in the future.
Has anybody ever used or have feedback on these apps?
Here’s a few I found searching around:
Rooster Money
Busy Kid
Our Home
4
Posted on 10/20/20 at 12:10 pm to LSUtigerME
You didn’t include the best one of all IMO:
Green light
I don’t quite understand what you mean by not having a linked card as it will “allow you to monitor his spending”
You’ll only know what he tells you otherwise.
And for your goal of having him learn account management, you do seem to be setting a baseline of being awfully hands on.
Green light offers an all in one account where you can give them allowances, with savings accounts backed with “parent interest” so they can see the compound value of saving. All debit card spending gets reported back to the parent, etc etc.
Essentially they get all of the advantages of banking....but the parent is the bank. Managing in the app, setting goals, seeing where the money is going, etc.
If they work, they can even get direct deposits to their accounts.
Green light
I don’t quite understand what you mean by not having a linked card as it will “allow you to monitor his spending”
You’ll only know what he tells you otherwise.
And for your goal of having him learn account management, you do seem to be setting a baseline of being awfully hands on.
Green light offers an all in one account where you can give them allowances, with savings accounts backed with “parent interest” so they can see the compound value of saving. All debit card spending gets reported back to the parent, etc etc.
Essentially they get all of the advantages of banking....but the parent is the bank. Managing in the app, setting goals, seeing where the money is going, etc.
If they work, they can even get direct deposits to their accounts.
This post was edited on 10/20/20 at 12:13 pm
Posted on 10/20/20 at 6:42 pm to LSUtigerME
We use busy kid. My daughter has been investing since she was 8. Mainly in AAPL. Has about $3200 saved by 11.
Posted on 10/21/20 at 3:25 am to LSUtigerME
quote:What kind of obsessive nonsense is this? Why would anyone track what their child spent THEIR birthday/Christmas/Hanukkah money from Grandma, Aunt Tammy, and Uncle Steve on? That is just as insane as parents who track every step of their child’s movement on their phones.
track his gift money
Financial responsibility is very important, but kids have to enjoy their childhood and have a little freedom and privacy too. Total helicopter parenting.
Posted on 11/12/20 at 6:30 am to LSUtigerME
It seems to me that you overdo it.
They are just children, why should they give a lot of money. Parental control should be explained to them what money is and where it comes from. But why would the child need a bank card and the one the parents will follow? Limit it to pocket money. Give your child a bank card as he grows up . You will create a headache only for yourself and your child. I am not campaigning, but my point of view is this. In general, if you create a card for your child, show him a bitcoin wallet and explain where the currency came from. In the same future, our children will definitely use Bitcoin every day.
They are just children, why should they give a lot of money. Parental control should be explained to them what money is and where it comes from. But why would the child need a bank card and the one the parents will follow? Limit it to pocket money. Give your child a bank card as he grows up . You will create a headache only for yourself and your child. I am not campaigning, but my point of view is this. In general, if you create a card for your child, show him a bitcoin wallet and explain where the currency came from. In the same future, our children will definitely use Bitcoin every day.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News