Best App for Managing Kids’ Money

Screenshots

1

Bank of Mom Screenshot

Think green: Each child’s account screen shows his or her balance and transaction details. The red balance bar shows earned activities, time, and cash. The activity balance is, oddly, represented by an obscure icon of a potted plant, part of an unexplained plant metaphor (kids are “saplings,” for example). Tap the leaf icon at bottom to add interest earnings to reward your little sapling for saving his or her hard-earned allowance.

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Bank of Mom Screenshot

Bank on it: The Bank of Mom transaction screen lets you make dated deposits or withdrawals to your child’s account. Add a quick description and enter the amount of money or time to be added or deducted. If your child is banking an activity, enter the type of activity earned or spent in the activity field (once again identified only by the inscrutable potted-plant icon).

Bank of Mom
Top Pick

Bank of Mom

Version: 1.2
Website: Gomu Gomu

Bank of Mom lets you shift your kids’ allowance from a cash operation to a line of credit, teaching simple financial concepts along the way. Create an account for each child, and make cash deposits for chores or allowance. You can also bank activities like sleepovers, or time for TV or video games. If you reward your kid with TV time for unloading the dishwasher, for example, you can shelve those dishes in her account and let her “withdraw” when she wants to bliss out on Nickelodeon.


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15 Comments

Like the Bank of Mom app. But is there any way to change the currency. Our kids have to handle USD, EUR and TL.

Sorry, no. Bank of Mom is a single-currency app—just one field for cash—so you can't mix and match currencies. (The app uses a dollar symbol for its cash field, but of course you don't *have* to use dollars. If you prefer to work in euros, for example, you can just plug euro values into the dollar field.)

I think the activities icon is a CFL or compact flourescent light. That's how they refer to it on their site. Not that it's any clearer as a metaphor.

Yikes, a lightbulb! Wow, I kinda liked my original houseplant interpretation better. Now the metaphor's really getting mixed up... It's a nifty, focused app that does exactly what it's supposed to do, but a little attention to fix some of these odd icons would really make Bank of Mom sing even more...

Talking about the best iPhone apps for kids I would like to mention about Kinder Hangman - http://sharkfuel.com/kinderhangman.html that is specially designed to improve vocabulary of kids and help them remember new words. iTune link is itunes.apple.com/.../id375734517?mt=8 Thius iPhone app works to improve child's development and can be used to prepare kids for school. It is intended for kids of 4-6 years.

Thanks for this post! I've been plotting ways to teach my son to save and this is very helpful. In addition, we can also delegate tasks to kids via mail/fb/twitter using another app called Intuition (www.iconapps.com). When my kid needs to do errands on a Saturday, I don't need to remind him every now and then... I just send the instruction and reminder via twitter! I don't get to sound like a moaning-myrtle anymore! He gets the job done without my voice echoing in our house.

Thanks for this post! I've been plotting ways to teach my son to save and this is very helpful. In addition, we can also delegate tasks to kids via mail/fb/twitter using another app called Intuition (www.iconapps.com). When my kid needs to do errands on a Saturday, I don't need to remind him every now and then... I just send the instruction and reminder via twitter! I don't get to sound like a moaning-myrtle anymore! He gets the job done without my voice echoing in our house.

This is something great! But can hardly imagine kids starting to manage money from a young age. The moment they get depleted, the would go to mommy for money.

This phone application lets you give incentives to your children even you are busy and is not at home. And when you have so many things to take care of this can be the solution to you giving the right reward for the good deed you child has done for the day. And the application can also make you keep track of the account withdrawn by your child.

I like the idea of Bank of Mom, but I'm frustrated. I've input account info for each of my kids and started doing "transactions" for several weeks now. Suddenly, I lost all of the info! When I go into Bank of Mom it just has a blank "Saplings" screen! This has happened twice now. The other day there was an update for this app and when I updated, my data was restored, but is has "magically" disappeared again. What is going on? I admit to being less tech-savvy, but come ON! If I can't rely on the info being there, I really cannot plan to keep using it! Anyone else know what I can do?

I too have lost all the Saplings info. The app is a great help, but not if the info disappears. For the record, I am quite tech-savvy. Once the data disappeared and then came back after I exited the program and returned. But not this latest time. At a minimum,learn to mail yourself the info as a "backup". Still, this is a serious flaw to the app and MUST be fixed.

UPDATE - I tried turning my phone on and off, and that restored the Saplings. (Yeah! But still a *major* bug.) Previously, I had tried quitting the app and returning and also syncing it and that did not fix the problem.

I think the activities icon is a CFL or compact flourescent light. That's how they refer to it on their site. Not that it's any clearer as a metaphor.

This is something great! But can hardly imagine kids starting to manage money from a young age. The moment they get depleted, the would go to mommy for money.

Great data worth reflecting on. Keep posting good content.


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