Category: Allowance and Money Tracking For Your Kids
What It Is: The KidsBank app tracks your children’s money allowance, charity, and jobs along with paying interest for saving. This app teaches kids the value of saving and responsible spending using a simple money management tool. You can create separate accounts for each child. Set up recurring automatic payments (for allowance, etc.) and create “jobs” your kids can complete for a set dollar amount. The app credits interest to the account each Sunday. It also tracks history, so your child can monitor their deposits and withdrawals and learn basic account balancing skills.
Why We Like It: It’s amazing how much more responsible kids become when they’re spending their own money that they worked for and saved! KidsBank is a great way to track birthday money, allowance, odd jobs and grades (if you agree to pay a reward for these things). If your child wants to buy a bigger ticket item, they can work to make that happen by doing ‘above and beyond’ jobs like mowing the lawn, or doing dishes to see their savings increase. Trust us, whatever they buy will be so much more meaningful if they put in the work to get it.
Kids can also save to donate to a charity that they care about, which is a great way to introduce them to philanthropy. You can view all your kid’s balances on your phone or Apple Watch, handy when you’re out shopping. If you find yourself saying “money doesn’t just grow on trees you know”, this may be a good app for you.
Get your kids to start earning and saving with the KidsBank app.
