It’s important to be as efficient as possible nowadays when it comes to personal finance. With busy schedules and a plethora of commitments, falling behind on budget tracking is a common occurrence. Luckily, there’s an allowance app for that.
In today’s 2.0 world, it’s easier than ever to make sure your entire family is financially sound — and learning about saving at the same time. A good place to start teaching kids about the workings of finance is through allowance. Check out this infographic by Credit.com that shines a spotlight on the 9 best kid-focused budgeting apps.
The physical piggy bank is virtually extinct and for good reason. While this childhood relic has long served as a tool to teach kids the concepts of money and good saving habits, it’s no longer relevant in today’s digital age. But how do you teach your child or teenager money management when so little cash actually trades hands these days?
On average, kids ages 4 to 14 years old earn $8.74 in allowance every week or $454 per year—an amount that includes both allowance and cash gifts received for birthdays and holidays.
Regardless of the allowance plan you set for your child, cash savings and conversations about spending, saving and charitable giving aren’t enough. Kids need to put their finances into action in a way that reflects the world they live in.
Fortunately, there’s an app for that! From virtual family banks to “I owe you” platforms that reward young kids, allowance apps are modern and savvy tools to make sure your kids walk into early adulthood with strong financial literacy.
With allowance apps, you—the parent—set up a virtual family bank for your child. Essentially, you’re the “bank owner” and your kids are the “customers.”
While no two apps are exactly alike, most allow you to schedule chores and reminders, set payment schedules and track savings goals. Some apps go a step further and are more like allowance management tools. These include banking features with unique parental controls that can be customized according to your family’s financial situation.
There are a lot of allowance apps out there, so picking one can be a challenge. Credit.com knows you’re a busy parent, so to save you some time, our editorial team tested out the top-rated apps and sifted through the reviews to give you this guide to picking the best allowance app for your family.