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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 1:02 pm to Volvagia
My kid is 8...he doesn’t have any other income or accounts, so his spending goes all through me anyway.
But I want him to see his balance, how to earn money, where his money goes, etc. Any money he spends will be spent from my card/account.
The idea is that I am the bank. Any money he is given, is deposited to me. It’s a true virtual currency, backed by my accounts. The plan is to ultimately use “his money” as a separate savings account for him (of course he won’t see this until it’s given to him). At least until he can actually get his own account and earning his own money.
For example, he wants to buy a new game or some add-on. Or he wants to build a droid in Disney World ($175; which we just did). I’d like him to understand how these decision affect his account value. His only means of earning are through allowances/chores, gifts, and rewards.
But I want him to see his balance, how to earn money, where his money goes, etc. Any money he spends will be spent from my card/account.
The idea is that I am the bank. Any money he is given, is deposited to me. It’s a true virtual currency, backed by my accounts. The plan is to ultimately use “his money” as a separate savings account for him (of course he won’t see this until it’s given to him). At least until he can actually get his own account and earning his own money.
For example, he wants to buy a new game or some add-on. Or he wants to build a droid in Disney World ($175; which we just did). I’d like him to understand how these decision affect his account value. His only means of earning are through allowances/chores, gifts, and rewards.
Posted on 10/20/20 at 2:14 pm to LSUtigerME
quote:
My kid is 8
quote:My God, there’s plenty of time to get him obsessed with money. Let him be a kid for a little while.
track his gift money, deduct his spending
Do you really need to track his birthday money for him in 3rd grade? I’ m very financially responsible as I used to be a tax accountant and have an accounting degree, but this just too much.
Posted on 10/20/20 at 2:35 pm to tigergirl10
quote:
Let him be a kid for a little while.
I don't think that it has to be a choice between letting them be kids or teaching them financial responsibility. You can do both at the same time.
This post was edited on 10/20/20 at 2:37 pm
Posted on 10/20/20 at 3:29 pm to tigergirl10
quote:
My God, there’s plenty of time to get him obsessed with money. Let him be a kid for a little while.
Do you really need to track his birthday money for him in 3rd grade? I’ m very financially responsible as I used to be a tax accountant and have an accounting degree, but this just too much.
...clearly chose the wrong board lol
He still gets to be a kid. Once a kid takes interest in the money being given to him, and is requesting to spend it on things (or save it for something bigger), he needs a way to understand what he has and how much he can spend. I’d prefer this in a digital system so as not to force him to spend cash. It’s also a way for him to earn money through chores and rewards.
I’m not charging him rent or utilities. He doesn’t have to spend it to eat or do an activity.
Posted on 10/20/20 at 4:17 pm to LSUtigerME
quote:You see I disagree with this here
I’m not charging him rent or utilities.
Posted on 10/20/20 at 4:28 pm to LSUtigerME
quote:you're raising free loaders?
I’m not charging him rent or utilities.
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 10/21/20 at 9:57 am to tigergirl10
quote:
Why would anyone track what their child spent THEIR birthday/Christmas/Hanukkah money from Grandma, Aunt Tammy, and Uncle Steve on?
I hear ya! I mean what kind of parent wants to know if their child is subscribing to porn sites and downloading adult video games on their phone? Freakin' control freaks!!!
Posted on 10/21/20 at 10:47 am to tigergirl10
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.
Financial responsibility is very important, but kids have to enjoy their childhood and have a little freedom and privacy too. Total helicopter parenting.
What kind of nonsense is this?
My two kids, who are 11 and 9, have saved up over 10k each from birthdays, Christmas, good grades, etc. If it were up to them, they would have blown it all up on robux, v bucks, toys, etc. by now if it wasn't monitored. They're too young to understand the full value of money. Why wouldn't any sane parent want to do that? It's irresponsible to not do so until they understand what a dollar is worth.
Posted on 11/12/20 at 3:08 am to castorinho
quote:
you're raising free loaders?
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.
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