At last, an app to help you keep track of your children's pocket money. Bank of Mum and Dad knows how much your children have saved with you, and more importantly perhaps, how much they have spent! Your children can use the special "Kids" mode too, so they can feel they're part of it all. And it can all sync between your devices so everyone can be up to date.
You can -
Set up pocket money accounts for each child, where you specify an amount to be paid every week (or day, or fortnight, etc…).
Make additional payments into your child's account, for instance, if they are given birthday money, or do jobs for you.
Deduct money too - how many times have you bought something for your children, where they promise to pay you back later, and before you know it, everyone has forgotten! Now you quickly enter the item, and everything is calculated for you.
Check out the History view, where every transaction can be viewed on an easy-to-understand graph, and details of each day's transactions can be viewed at a touch.
Set up targets, where your children can decide that they would like to save up for something. Store the target's details and even its photo, and Bank of Mum and Dad will alert you when your child has saved enough to buy it.
Add jobs, which you can tick off when completed. It's easy to re-list them too, and to arrange for a payment to be made when you say the job is done.
Bank of Mum and Dad can synchronise using Google, so if you and your partner both wish to manage your children's pocket money, all transactions can be synchronised on both your iPhones. It will also sync on your children's devices, so they can check on their financial situation!
Protect the app with a password! Just in case small fingers are tempted to do a spot of financial management of their own, you can password-protect the Parent's mode.
Of course, the Bank in question is you, and you keep your children's money until they need it. By not paying them cash every week, you can encourage them to save as they would with a real bank, and they will be less likely to spend everything at once on impulse purchases such as sweets, etc.
As my son says, "I sort of like having my own bank, it's quite cool!"
And with the special "Kids" mode, he can check out how much he's saved, add targets of his own, and see what jobs he still has to do! He can keep it away from his brothers and sisters too, by setting his own password. Of course, they can have their own accounts too.
All in all, it's a complete financial package for the younger members of your household.