Parents control settings on how kids can use the debit cards and how much access kids have to their funds. A basic subscription to Greenlight costs $4.99 per month and includes debit cards for up to five kids. Greenlight is a debit card designed for kids that’s managed by parents. ![]() GreenlightĬost: Greenlight: $4.99 per month Greenlight + Invest: $7.98 per month Greenlight Max: $9.98 per month Parents have control over access settings to give kids as much or as little access to accounts as desired. You can set amounts for each task, and FamZoo automatically moves the funds as tasks are completed and checked off the list.Īs your children grow, you can add more complex features, like budgets and loans. The app features a straightforward interface parents can use to view accounts, transfer money and create chores and other checklists. You pay a monthly subscription fee with both account options. As an alternative, there’s an option to set up IOU accounts for your kids, which keeps track of their money virtually if you pay your kids outside of the app in cash or other methods. ![]() You have the option to receive prepaid cards that you can transfer real money to for each of your kids. The app helps parents manage finances for their kids as they earn or are given money. FamZooĬost: $5.99 monthly or a varied pay-in-advance feeįamZoo describes itself as a virtual family bank and is designed for preschoolers up to college age kids. Here’s a look at the mobile apps that need you to open a bank account. Some allowance and chore apps require setting up a bank account for your kids-and possibly you as well. Why not teach kids about money and work in a way that they may learn best? Allowance Apps That Require a Bank Account Apps that allow you to issue debit or prepaid cards to your kids may be more convenient.Īs our children continue to grow, the gap between old ways and new ones will widen even more. Many of us rely more on debit and credit cards than cash these days. Plus, cash may not always be the best way to dole out allowance. In addition to using your smartphone to communicate, you may also use it to bank, learn, stay informed, set reminders, keep track of appointments and other dates, keep tabs on family and friends and more. Just think about how often you use technology to manage your everyday life. Why not take advantage of that fact and use technology for good with your family. The reality for many families is that there’s more time spent on electronic devices than not. Also, it may help give your kids a sense of belonging and ownership. You can use your time together for teaching moments about money and life, work ethic, doing a job well and other things you may value. If it’s a family app that everyone has access to, it helps you stay connected with your kids. Whether you’re at home or work, you can check in on your kids’ progress and often communicate with them, too, from within the app. It Keeps You OrganizedĪllowance and chore apps give you a central spot to assign, track and manage tasks that used to be relegated to sticky notes and notebooks. Here are three ways family allowance and chore apps can help parents today. Personal piggy banks and chore charts work well enough, but, if you’re looking for a more modern way, mobile apps can help solve the problem. Keeping track of allowance and chores, especially with multiple kids, can be a challenge and a chore in and of itself. Why Use an App for Managing Allowance and Chores? Keep reading to learn more about the family apps available to help parents manage allowance and chores. ![]() Now, along with the games and streaming services on their phones, kids can learn about personal finance through mobile apps. Instead of stuffing a few dollar bills or quarters into a piggy bank, kids have access to their own bank accounts and more. Several mobile apps exist these days to help parents manage their household, including assigning and tracking chores and allowance. The concepts of allowance and chores likely aren’t going away anytime soon and, like many other things, they’re getting a digital makeover. For others, they were tasks you were rewarded for doing each week or month. For some, chores were something you did while growing up because they were part of everyday family life. Chores and allowances have long been a way of life for many families with children.
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