Saveonenergy.com/uk/ compiled a list of 5 of the best apps to help children manage money.
If you want your child to start learning about saving and spending (but with parental control), gohenry is the app for you! With this app you get a parent account, which allows you to top up your child’s allowance and apply rules on how they can spend that money. Plus, they will be able to use their card in shops, online and to withdraw cash. But don’t worry, you will get an instant notification whenever they use the card and can set weekly spending limits.
2. Rooster Money
Rooster Money will let you keep track of the total owed for things like pocket money or completed chores. One nice feature of this app is the ability to add pictures of items that kids are saving up for and set a savings target, which is great for helping your child to visualise the end goal. Children will also be able to see how much money they have saved and how they’ve spent it in an easy to read statement.
The makers of iAllowance claim it’s had a role in getting over 20 million chores completed. This useful app will allow you to track the amount of allowance you owe to each child and virtually “prompt” them to finish tasks and chores linked to their pocket money earning potential! The information syncs across devices, and you can even email or print reports on how your child is doing.
Gimi is designed to help you and your child keep track of their allowance and chores, but also to provide financial education along the way. A virtual piggy bank fills with the weekly allowance you set, and you can define rewards for specific tasks. But what’s most special about this app is there are three sets of lessons to learn, which you and your child can work through together. The lessons are currently themed around Earning, Saving and Spending and help to identify financial topics to discuss, and are accompanied by bright animated videos.
Otly! has two parts – the Otly! app for parents and an optional companion app that you can install on your child’s device, Otly! Jr. The main app for parents will allow you to set up a digital record of your child’s allowance and track how much they’ve earned and spent. In the junior app, children can separate their money into different savings pots, see graphs of how their savings will grow and get a countdown to the next allowance! A bright and friendly app!