ORLANDO, Fla. – In 2017, children between ages four and 14 received an average of $454 in allowance money for the year -- in addition to cash gifts for birthdays and holidays. Now, helping kids get and manage their funds is going high-tech.
The days of handing your child's allowance money are numbered. Now, it’s all about the apps.
With the average kid earning around $8.74 a week, app-controlled debit cards are a welcome solution. Parents can transfer money and see where and how much their kids spend.
GoHenry lets you set automatic allowance transfers and spending limits. Your child can complete chores for extra money.
Greenlight is another option that allows parents to select money kids can spend anywhere. It also lets you give your kids a “parent-paid” interest rate when they save.
Three Jars works a little differently by letting kids earn money in the form of IOUs. Rather than depositing cash, parents deposit IOUs owed to their child. If they approve, they can pay kids cash or let them shop online.
They’re high-tech solutions that make money handling easy for parents and kids.
Most of these money apps charge monthly or annual fees but generally don’t charge extra for loading cards with cash.