Alamy When you were a kid, your parents probably stuffed a wrinkled $5 bill in your hand once a week. And if you were like most kids, you could occasionally trick your parents into giving you your allowance twice by telling them they had forgotten.
Today’s parents — and their kids — are a lot savvier when it comes to allowances. Arguments over whether you paid the appropriate amount already, or whether your kid has enough cash saved to buy a video game can be resolved quickly if you have established an online money management system for your family.
There are a variety of websites and smartphone apps available to help you track your kids and their money. While some are free and some charge a fee, the concepts behind each are similar: to provide a simple method to keep track of the how much your kids get and spend, and to teach them some money management lessons along the way.
Tools for Every Allowance Management Style
The sites give parents control over the allowance system and lets them choose if they want to provide a simple recurring allowance or tie the funds to chores.