For kids growing up in a cashless society, the piggy bank is going digital.
It’s now possible to teach children as young as four about the value of money using an online budgeting app.
You might think that using technology to teach this skill takes away from the charm of handing out pocket money. But as physical cash is used less and less, apps could well be a better and more relevant way of showing children how to look after their money.
Unlike a conventional bank account, apps can enable parents to educate children about the value of money and – like any good learning experience – let them have a go at doing it themselves. Not without the parents maintaining some control, of course.
Through an app you can monitor what your child is spending money on and restrict what they can spend on in-app purchases or digital downloads. It’s also possible to set tasks – such as completing household jobs – for your child to complete to earn their pocket money. And unlike giving pocket money the traditional way, app alerts mean you won’t forget your child’s pay day!
So what’s on offer? With the help of energy savings experts Save On Energy we’ve rounded up the top five apps for helping your children manage their money:
If you want your child to start learning about saving and spending (but with parental control), gohenry could be 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 helps you keep track of how much your child has earned for things like completed chores or weekly pocket money. One nice feature of this app is the ability to add pictures of items that children 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 app allows 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 that 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. They are also 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. It’s a bright and friendly app.