The Top Kids Allowance Apps

Sometimes, to relate to our kids, we need to get onto their level. Kids now are of
the “app” generation. From a very young age, they’re on iPads and other devices.
So it’s great to bring apps into the topic of money. Kids allowance apps are all
the rage in helping children become financially literate – and we can use them to
teach our kids valuable lessons, and financial responsibility.

Parents and allowance apps easy to use; they help us relate to our kids, who are
growing up in a very digital world; and allowance apps truly help to teach kids
about money and how to spend responsibly and save wisely. So we’re sharing
our take on some of the top allowance apps for kids on the market now.

Why Use a Kids Allowance App for Managing Allowance and Chores?

Empower Your Kids To Spend Responsibly

We all want our kids to be financially fit. They begin learning about money in
Kindergarten, and by the time they’re in fourth grade, many kids are interested in
starting a side job to earn some spending money. My own children have done
neighborhood car washes, sold rubber band bracelets, and more to earn a few
dollars.

Allowances help your child understand the value of money and how much work
it takes to earn it. It can help instill important values like a good work ethic into
your children from a very early age – and it can set them up for lifelong financial
success.

Using an allowance app can effectively teach them – in a fun and engaging way –
to budget their money wisely and plan for the future. Part of this is teaching to
delay instant gratification, which is an extremely valuable character trait.

Money Apps Are Easy for parents

All parents are busy parents. And though we don’t always love the idea of putting
our kids on their devices and allowing them a ton of screen time, the truth is that
using money apps make it easy for parents to track kids’ spending and help
them get better at managing money. They all have parental controls in place. So
our vote is that sometimes, in some cases, it’s okay to do things and use tools
that will help make your life easier in the process.

Do This Before You Choose An Allowance App

Set a Budget by Creating an Allowance Plan

You know we love a budget. A budget will help your child set savings goals, learn
how to spend responsibly, and it will set the foundation for your child to learn
healthy money habits early on in life. And it’s better for you as a parent to be
involved in teaching kids how to handle their money. Together, you can have
conversations about money that help your kids set financial goals for
themselves.

Create your child’s allowance plan by coming up with a weekly budget and
showing them ways they can achieve their goal earnings by completing
household chores or other jobs. Come up with tasks that are relatively easy for
them to accomplish regularly, and which will most certainly help you out around
the house. Remember, chores are not always fun, and this is also a good lesson
that not all things in life are for or easy.

At the end of the day, an app can help connect the dots between parents, kids,
and teaching nancial responsibility. If you haven’t grabbed our handy Best
Budget Worksheet for Teens, be sure to do so now.

Useful Allowance Apps for Kids

We love the following top kids allowance apps. We’re highlighting Greenlight,
FamZoo, and OurHome, which offer a plethora of options for your family.

Greenlight

Greenlight is a mobile app that will help you teach your kids to spend, save, and
give. As we talk about in our Teach Kids to Build a Budget article, kids are
generous and empathetic – so it’s incredibly benecial to teach them about
giving from a young age, as much as it is to teach them about spending and
saving.

With this app, parents can schedule regular, weekly and monthly allowance transfers, which makes it really easy to manage. You can also use a chore board to track earning measures.

They offer three monthly plans, from $4.99 per month to $9.98 per month. Each plan comes with a debit card, parental controls, core financial tools, and an educational app. Extra add-ons come with each plan upgrade.

FamZoo

As FamZoo says, it “prepares kids for the financial jungle.” It can help your child achieve his or her money goals and keep you in the loop. They offer prepaid cards and a family finance app for everyone in the family. This offering focuses heavily on the prepaid card and all the things you can do with it – so your kids can achieve financial literacy.

One neat feature is that it allows for parent-paid interest – a little added bonus (and extra allowance) for a job well done.

Parents can also institute a financial “time out” by turning the card off with just one tap.

This app offers some neat features, so be sure to check it out as a legitimate option for your family.

Subscription costs range from $2.50 per month to $5.99 per month.

OurHome

This app is a true fintech, billing itself as the home’s gamified task system. Parents can assign chores, schedule them out, and pay and reward kids for finishing their chores – helping kids build solid financial habits.

This app focuses on helping kids become self-motivated, and building self esteem, knowing they’ve accomplished their to-do’s.

OurHome is available on the app stores for free, with in-app purchases available for an enhanced experience.

Important Takeaways on Allowance Apps

Allowance apps are great ways to teach your young kids and teens alike about the importance of managing money well and learning financial responsibility. Smart spending habits are best learned and modeled early in life for lifelong financial well-being – and allowance apps allow parents to be intimately involved in the process.

Digital money apps are a great way to connect parents and kids and make the experience of learning about finances fun and entertaining. Choose your favorite app and get started today! And be sure to let us know which app you choose and how it benefits your family.