Do you want to teach your kids about money? How to manage their allowance? Encourage savings over time by adding interest payments? Every parent knows the importance of teaching children about money, but we (parents and kiddos) become frustrated for many reasons:
•We forget that Saturday is allowance day
•We lose track of how much allowance we owe
•We never have enough cash on hand
•A child loses or forgets their money
•A child forgets how money was spent
With this app, a parent uses their phone to become a ‘virtual bank’ without opening a real account with an actual financial institution. This app allows a parent to be the banker. As the banker, add an allowance to multiple accounts, pay interest on savings, and track children’s purchases. Create accounts like charity, savings, and fun and then update them as the child receives or spends money. Use savings accounts with interest payments to encourage a child’s progress towards a savings goal. Use this app to teach basic money principles and management.
•Banker may create multiple accounts for each child
•Bankers have full access to view or edit all accounts
•Keep track of each account balance and history
•Bankers can deposit or withdraw money into a child’s account
•Split deposits between accounts (savings, charity, fun)
•Add scheduled interest payments to accounts to encourage saving over time
Updated for iOS 10.0 and iPhone 7 devices.
Ratings and Reviews
does exactly what I need
I have four young children who constantly receive various money gifts from extended family... they're old enough to want to buy stuff & learn responsibility/saving, but not old enough to reliably keep track of cash on their own. This app tracks the exact balance for all kids at all times, and they can "see" it on a screen where it seems very official. It's super easy to add/subtract funds. I really like that I can set my own above-market interest rate on it to encourage saving. Does exactly what I need.
I downloaded app to use to keep track of my children's allowance & spending & really liked it until I tried to add my husband to it. I can easily add him, as a manager, on my phone. Which is not very useful. Or I can download the app on his phone & he can use his version. But there appears to be no way to have us both have same info on different phones. So not useful as a "family app." Then I tried to contact the developer. No apparent way to do that from the app or even from developer's website found through app in App Store. So I give up. This family is looking for another "family banking" app at least both parents can use.
I love this app
I have been waiting years for this app. I appreciate how easy it is to use. I can teach my kids the importance of saving and finance which is a lesson the government could learn. Maybe the congress needs to use this app also.
With Family Sharing set up, up to six family members can use this app.