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An allowance app can make managing an allowance easier. If you have the app on your smartphone, you can manage the allowance digitally and flexibly.
The Knax Allowance App
The “Knax” app is designed to help your child keep track of their own finances.
- With this app, you can set it up to automatically deposit the allowance you’ve agreed upon with your children. For example, if you’ve agreed on an amount of 5 euros every other Monday, you can set the app to handle this automatically.
- The app also allows your child to set savings goals. For example, they can set an amount they want to save up to buy something they’ve been longing for.
- Unlike other apps, this one doesn’t allow you to set up separate digital savings accounts. So if your child is saving for different things, the app can’t keep them separate.
- To ensure the app remains secure, you can set a parent PIN. This way, only you, as a parent, can add or withdraw money.
- A major advantage of the app is that it’s free. It also provides your child with a list of suggestions for how to spend their allowance . This helps them find inspiration.
- This app doesn’t offer suggestions on how your child could earn more allowance.
- You must register in advance to use the app. Thanks to its child-friendly design, the app is especially recommended for elementary school children.
The Rooster Money App for Allowance
Another app designed to promote your child’s independence and sense of responsibility is “Rooster Money.”
- Rooster Money is an app that allows you to automatically deposit weekly or monthly allowance payments. This makes it easier to manage their “income.”
- Your child can set various savings goals within the app. These different goals can be assigned to so-called “savings jars,” which makes saving for their wishes more organized.
- In this app, too, your children cannot add or withdraw amounts on their own. Using a parent PIN, you can manage these processes together with your child.
- Rooster Money is a free allowance app. It is available in both German and English. If your child is a bit older, they can also use the English version to improve their language skills.
- The app includes lists that offer suggestions for potential sources of income and possible expenses. For example, you could discuss with your child whether you’d like to pay them for doing small household chores or similar tasks.
- You’ll also need to register in advance to use Rooster Money. The app is especially recommended for slightly older children, as they can save up for various wishes. If your child has a smartphone, the app can also run on it.
Managing Allowance with the Finalino App
Children can also learn to manage their own allowance using the “Finalino” app.
- Unlike the other two apps, Finalino does not automatically record allowance amounts. This means you’ll need to manually enter the allowance amount each week. This might not be very practical if your child always receives the same amount.
- With Finalino, your child can also assign their various wishes to different savings jars. This makes it easier to track savings goals.
- With the parent PIN, you can ensure that your child uses the app appropriately. After all, the purpose of the app is for your child to learn how to handle money responsibly.
- You don’t need to register for the app, and you get access to its features for free during the first month of use. After that month, you pay €9.99 for a full year.
- The app does not include a list of suggested income sources. Nor does it provide a list of possible expenses. However, your child can allocate their own ideas to the savings jars as they see fit.
