Pocket money is now moving toward digital technology with the move towards a cashless society. You can teach your children to manage money a lot more effectively than by filling a piggybank with the help of smartphones and tablets. The pocket money apps teach younger children about how a bank accounts work and how to save to online accounts with prepaid cards that allow children to spend the money that they save with appropriate limits and with parent’s supervision. These money apps are easily available on iTunes, Google Play and in the Amazon App Store. These apps provide a simple money management service for children and generally involved a monthly subscription fee paid by the parents. Parents have the facility to add money to children’s accounts, set transaction limits and also monitor transactions, on the other hand children can choose to save their money or spend it using a prepaid card similar to a debit card.
RoosterMoney is available for children from age six up to 18. It cost at £24.99 a year for the first child and then you have to pay £19.99 for each additional child. The app allows parents to upload money and set spending limits. Parents have the control whether the card can be used at cash machines in shops and online. It has an interesting feature which allow to add pictures of items that kids are saving up for and also help to set a savings target. It provides an easy to read statement so that children can easily check how much money they’ve saved and how they’ve spent.
It is another great pocket money app option for your children that offer contactless prepaid debit card. It offers instant money transfer facility to your child’s Nimbl card, it will send alerts when they spend money and provides statements so that you can check your child’s spending. There is an option to set spending controls and it can also possible to lock and unlock the Nimbl card from the app. Your child can invite family and friends to send them gifts which will be transferred straight to their Nimbl savings account and can able to manage micro-savings themselves. This app costs £2.48 a month with the first month free plan.
Osper is a combination of mastercard prepaid debit card and app. This app is basically designed for children between 8 and 18-years-old. This app allows you to set monthly or weekly allowances and lets you to send instantly send them money in case of any emergency or you want to give your child a treat. You can also set daily spending limits and age-restricted purchases can be blocked easily.
Osper instantly informed you if a transaction has been declined and you can also check your child’s expenditure in real-time within the app. Adding an allowance is free of cost but instant top-ups cost you 50p.
iAllowance enables you to track the amount of allowance you owe to each child. The statement can sync across devices and you can even print or email reports on your child spending activities. iAllowance allows you to set up unlimited different piggybanks for each child so that they can separate their savings for different goals. For you younger children you can establish balances that use stars or time rather than money.
GoHenry enables you to add money with an account so that your child can spend the money with a debit card, but they can’t spend more than the available money in to the account to avoid any possible debt. This app offers first month free and there will be £2.99 as monthly charges from second month onwards.
You can also set the weekly spending limits, and also you can decide whether the card can be just used to withdraw money at a cash machine or can be used in shops. You can also easily block the card if it gets misplaced or if you want to control your child’s spending.