Why wait to teach your children the important life lesson of managing finances when they can begin practicing now?
San Diego residents Dan Meader and his two sons developed Allowance Manager Basic and Allowance Manager Pro, two apps that equip parents with practical financial trackers to teach and encourage kids to practice good money management skills. These apps are available for the iPhone and the iPad, and can be accessed through a computer with Internet. Both apps are able to monitor multiple accounts for larger families.
“Up until now, most of the apps and sites out there essentially functioned just like a ‘virtual bank of mom and dad,’ with little connection to real money in the real world,” said Meader, founder and CEO at Allowance Manager. “With the Pro account, kids can learn to save and spend through practice, just like other skills. Better yet, parents can manage it all from anywhere, anytime.”
The Allowance Manager Basic is a free app that provides parents with a convenient tracker to monitor their children’s allowance. With the manager, spending can be tracked to encourage good behavior with additional deposits, while bad behavior can be discouraged with withdrawals, and chores can also be monitored.
For parents with more independent and older children there is Allowance Manager Pro, which incorporates a debit card that gives kids real money to personally manage. Parents can maintain and monitor the customized debit cards, managing deposits and withdrawals to these prepaid cards. Kids then are only able to spend within a certain limit, and learn how to save. Parents can even place restrictions on specific vendors to make sure their children are not spending money on the wrong things. The goal is to teach can feel more grown-up and responsible by handling a card that is both personalized for them and pin-protected. Since the card is prepaid, children cannot spend more than they have, and there is no risk to the credit of the parent or child! This service costs $6.75 a month and a one-time fee of $10 for the debit card.
The Allowance Manager website also offers free printable chore charts and blog articles about money management for kids.
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