Do you want to teach your kids about money? How to manage their allowance? Encourage savings over time by adding interest payments? Every parent knows the importance of teaching children about money, but we (parents and kiddos) become frustrated for many reasons:
•We forget that Saturday is allowance day
•We lose track of how much allowance we owe
•We never have enough cash on hand
•A child loses or forgets their money
•A child forgets how money was spent
With this app, a parent uses their phone to become a ‘virtual bank’ without opening a real account with an actual financial institution. This app allows a parent to be the banker. As the banker, add an allowance to multiple accounts, pay interest on savings, and track children’s purchases. Create accounts like charity, savings, and fun and then update them as the child receives or spends money. Use savings accounts with interest payments to encourage a child’s progress towards a savings goal. Use this app to teach basic money principles and management.
Features:
•Banker may create multiple accounts for each child
•Bankers have full access to view or edit all accounts
•Keep track of each account balance and history
•Bankers can deposit or withdraw money into a child’s account
•Split deposits between accounts (savings, charity, fun)
•Add scheduled interest payments to accounts to encourage saving over time
