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In today's age, teaching kids about money management has evolved beyond the traditional piggy banks and cash allowances.
Chore and allowance apps are the new to manage household tasks and teach financial literacy at the same time.
These apps offer a range of features to suit different family needs.
From tracking chores to handling allowances and even introducing kids to the basics of investing.
Here's a rundown of the best chore and allowance apps out there and how to choose the right one for your family.
Families with kids on the younger side that are ready to step into the world of digital money.
BusyKid is affordable and versatile, offering features like chore management, allowance handling, and the ability for kids to donate to charity or invest, all in one app. Kids learn to Save, Spend, and Share by doing.
BusyKid is the go-to app for parents seeking to easily instill financial literacy in their kids from a young age.
The set up is easy. The app offers a default list of age-appropriate chores and set rates for chores. Parents can choose to customize the chores and rates if they wish.
BusyKid offers a comprehensive package that includes chore management, allowance handling, and investment options.
Kids can allocate their allowances towards saving, spending, or donating to charity.
Parents can oversee their kid’s money management with real-time parental controls and notifications.
The app offers additional features for more money lessons from a young age. Kids can invest in stocks directly from the app.
Parents can set interest on their kid’s savings to encourage savings and teach about compound interest.
Kids can also give to charities featured on the app and learn to share.
Families and kids that want to learn through educational content and bite sized lessons for 6-14 year olds.
GoHenry offers an enriched learning experience with videos and quizzes designed by financial education experts to teach money skills. Their core features of chore and allowance management are easy to use.
GoHenry is ideal for families looking to combine financial management with educational content.
The app looks modern and is really easy to use, which means both parents and kids can get the hang of it quickly.
It's packed with interactive content and lessons on money that are just right for kids aged 6 to 14.
GoHenry offers everything you need for your children’s money management.
Kids get debit cards that you can limit and oversee.
You can set a weekly allowance and pay extra for chores. Send money to your kid’s card in seconds.
Parents can easily keep an eye on how it's used, set limits, and even turn it off if it gets lost.
Teens can use this when they have a job to direct deposit money.
Donating to charity is offered but currently limited.
It's a good chance for parents and kids to talk about why helping others is important and how they can do it.
Even though kids can give some of their money to charity through the app, right now, they can only give to one place, and not directly. But it's a great way for kids to learn about helping others.
Overall, GoHenry does a great job mixing learning with real-life money management. It gives kids their own card, helps them save and spend wisely, and even lets them see how good it feels to give.
Plus, parents can relax knowing the money is safe.
Older kids and teens (12-18 years old) who are ready to dive deeper into managing their money.
Greenlight is perfect for older teens with advanced features like investing in ETFs and earning interest on savings.
It's designed to handle the more complex parts of money management, helping teens prepare for financial independence.
Greenlight offers a blend of chore management, financial education, and investment opportunities, making it the perfect choice for families looking to prepare their kids for the financial realities of adulthood.
Greenlight is the perfect app for teens looking to take the next steps in their financial lives.
It goes beyond basic saving and spending, offering features like investing and earning interest, which can help prepare them for the future.
The app is designed with a great user experience, making it more engaging for teens.
The premium plan offers safety features like child location tracking, but comes with a high price point.
The basic plan supports up to 5 kids, making the price more digestible.
Beyond the basics of saving and spending, Greenlight introduces teens to investing - a critical skill for their future.
By offering real stocks and investment options, it shows kids how the stock market works makes investing understandable.
Greenlight provides additional financial literacy content. It's not just about saving and spending. It's about making smart money decisions that can help teens in the future.
Greenlight is perfect for families who want their teens to be smart with money.
Families looking for a simple, effective way to teach kids about chores, allowance, and saving money.
FamZoo was created by a dad who wanted a better way to teach his kids about money. It's great for tracking chores, managing allowances, and teaching kids about saving. The IOU accounts and the option for kids to deposit cash make it very practical.
Features:
FamZoo might have a simpler design compared to other apps, but it's packed with all the essential features to help kids learn about money.
It was created by a dad who wanted to teach his own kids about managing chores and allowances, and it really shows.
With FamZoo, kids don't just get to manage their money; they learn valuable lessons about budgeting and saving.
One of the coolest things about FamZoo is the IOU accounts.
These are perfect for tracking how much money kids have earned or saved, even if it's not in their physical possession.
And if kids want to add cash to their account from birthday gifts or graduations? No problem.
They can do it at retail stores. You don't need a bank account to use FamZoo.
The app is really focused on the basics: chores, allowance, and saving.
There's no investing or charity donations, but it does a great job with what it's designed for.
Plus, kids can use FamZoo from any device or computer, so they don't even need a phone to manage their money.
FamZoo might look a bit old-fashioned, but don't let that fool you.
It's a powerful tool for teaching kids about money management.
And because it offers discounts for long-term commitments, it's also one of the most affordable options out there.
If you're looking for a straightforward, effective way to teach your kids about the basics of financial responsibility, FamZoo is definitely worth checking out.
Parents looking for a fun, game-like app to help kids learn about chores and responsibility without involving real money.
S’moresUp's game-like design makes it very appealing to kids. The app has a free version that provides a solid foundation to assign and track chores.
For parents who are cautious about introducing real money management to their kids or who prefer a simpler system for tracking chores and rewards, S’moresUp offers a perfect solution.
S’moresUp is a game-like app in the world of chores and allowance management. It doesn't involve real money. Instead, it uses a points system where kids earn rewards for completing chores, making it more like a game. This approach can be particularly appealing for younger children who might be motivated by gamification.
The app's design is colorful and engaging, encouraging kids to participate in household chores with more enthusiasm. It does require a download and is available on iOS and Android.
Parents can give kids chores to do, and when they finish them, they earn points. These points can be saved up for rewards. What's cool is that parents can decide what these points are worth. Maybe they can be traded for a small amount of cash, extra screen time, or a special treat.
Because there's no real money involved, it's a great choice for parents who just want a fun and easy way to teach their kids about responsibility. Plus, it's perfect if you're looking for a free app to help organize who does what around the house.
So, if you're after a straightforward, enjoyable way to get your kids more involved in household chores, S’moresUp could be just what you need. It's all about making chores fun and rewarding, without complicating things with real money.
While we focused on the top apps for managing chores and allowances, there are several others we considered. Here's a quick overview of each:
iAllowance might feel a bit behind the times, with its last update and reviews dating back to 2020. It's got a free version you can try, which is great for getting a feel for the app without committing. But remember, it doesn't handle real money. It's more about tracking chores and allowances than actually paying for them.
Cozi isn't really about handling allowances. It's more about helping families stay organized. With Cozi, you can keep track of everyone's schedules, make shopping lists, and manage to-do lists for the whole family. If you're looking to keep your family's life organized in one place, Cozi might be worth checking out.
It seems like OurHome might not be up and running anymore. We tried checking it out, but it looks like the app is no longer active.
The Homey website gives the impression that it hasn't seen an update in quite a while. While the concept of the app – to manage chores and allowances – is solid, a dated website can sometimes reflect on the app's current state and functionality.
RoosterMoney is an interesting option, but it's only available in the UK. For families living in the UK, it could be a great tool for managing chores and allowances. For everyone else, though, it's not going to be an option.
Picking the right app to help your kids learn about chores and managing money can be a big help.
Here’s what to think about:
Choosing the right chores and allowance app for your family depends on what you need most.
Think about how much you want to spend, what features you want like saving, spending, and giving options, if it fits your child's age, and how it teaches about money.
If you prefer to keep things traditional, using chore charts, cash, and piggy banks is a great way to go.
This method is especially good for younger kids. It helps them see and touch the money they earn from doing chores, making it easier to understand.
This old-fashioned way is not just about doing chores and earning money. It’s also a hands-on lesson in managing money, saving for things they want, and learning the value of hard work.
Chore and allowance apps are a cool way for parents and kids to handle chores and money.
First, parents get the app and set up a profile for their kids.
They add chores to the app and decide how much money each chore is worth.
Some apps even let parents give kids a special card that works like a debit card.
Parents put money into the app, and this is where the allowance comes from.
Kids have their own way to see the app, where they find a list of chores they need to do.
When they finish a chore, they mark it as done. The app tells the parents what's finished, and the parents check to make sure.
Every week, the app adds up all the chores the kids did and sends their allowance to their special card.
After getting their allowance, kids can choose to save some of it, spend it, or even give some away if the app lets them.
This way, kids learn how to work for their money and what they can do with it after they earn it.
The best app depends on your family's needs.
If you're looking for something that teaches kids about saving, spending, and giving, BusyKid is a great option.
For older kids interested in investing, Greenlight might be better.
GoHenry offers an all-around good app.
FamZoo focuses really on the basics of allowance and chores management.
And if you're looking for a free option to manage chores, S’moresUp is worth checking out.
Most chore and allowance apps let you create a list of chores and assign them to your kids.
You can set specific days for each chore and even set reminders.
This helps keep everything organized and makes it easy for your kids to know what they need to do.
It depends on their age and what else they have going on, like school or sports.
A good rule is about 10-15 minutes of chores per day for younger kids and up to an hour for older kids.
Make sure the chores are suitable for their age and give them enough time to relax and play too.
Rewarding kids for chores can teach them about working for money.
You can give them an allowance or special rewards for completing their chores.
It's a good way to teach them about saving for things they want and being responsible.
Choosing the right chore and allowance app can make teaching your kids about money management both fun and effective.
From apps that focus on basic chore tracking with rewards to those that introduce financial concepts like saving, spending, and investing, there's something out there for every family's needs.
Whether you opt for a comprehensive tool like BusyKid or Greenlight, or prefer a simpler, game-like approach with S’moresUp, the key is finding an app that fits your parenting style and your kids' ages and interests.
Remember, these tools are not just about getting chores done. They're about preparing your kids for a financially savvy future.
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