For now, all my son demands in life is milk, clean diapers and lovin’. However, I know that sooner or later he’ll start to pay attention to all of that change I drop in his piggy bank and begin to ask, “Mom, can I have a dollar?” Or two. Or ten. Or twenty.
Allowances are a tricky topic. While they’re a great way to teach children about earning cash and money management, it’s often difficult to determine how much is appropriate. Meanwhile, many parents also like track a child’s commitment to chores and responsibilities in order to earn their allowance. However, it’s no surprise that when it comes to allowance, there are some great iPhone apps to help keep the kid cash flowing.
FamZoo Family Finance
FamZoo is a comprehensive system that helps parents teach their children the basics of banking and importance of keeping up on chores. Although the app is free, the FamZoo program does require an account subscription after the first 2 months of free service. However, the app allows parents to track a child’s chores, deposit money into virtual accounts and track (I love this…) loans that have been given to children.
KiddyBank is, in essence, a basic debit and credit app for allowances. This is great in the fact that parents act as the bank. Instead of giving children cash, parents can track that their child has a $10 credit, then make notes of debits when an item is bought. And, check this out: if the kids are misbehavin’, parents have the option to make deductions for infractions that warrant an allowance loss.
If kids in your house earn allowance by completing chores, this is a stellar app. At the beginning of each week, parents and kids create a list of chores and assign each a dollar value. As each task is completed, it is checked off and the app instantly tracks how much allowance has been earned. Tasks can be as little as picking up after dinner, or as important as behaving at the store. You choose!
Not all allowance systems run off of cash. Some parents may choose to offer their children rewards as they earn points. For instance, 20 points may warrant a special movie date or trip to the zoo. Kids Rewards allows parents to track points for each child in their home with ease. Or deduct points on a bad day. This system is better than that chart on the fridge simply due to the portability. Add points at the store, in church, in the car…Wherever!
Kids Allowance and Rewards Lite
This is a lite version of the full Kids Allowance and Rewards App, which costs over $6.00. However, the lite version has quite a few functions and the full app is quite detailed. Parents can track “accounts” for multiple children that add up regular allowances, and/or money earned through chores. Parents can also track money allowed for upcoming events, such as a birthday party at the water park, or approve whether or not children have earned the privilege to attend such events.