Back to school shopping is over, and the holiday shopping season is fast approaching. As retailers like K-mart are already beginning to ramp up, we could all become a little more aware of our current money management. Dan Meader is well aware of all this, and his new app Allowance Manager seeks to teach our children how to become financially responsible from firsthand experience. A client of Los Angeles tech and app public relations firm PMBC Group, Allowance Manager targets the glaring hole in our education system in terms of financial education. With consumer spending around the holidays often leading to splurging, it’s absolutely necessary to instill this responsibility at as early of an age as possible.
Not only does Allowance Manager educate children, it ensures that parents are on the same page when it comes to their kid’s spending. According to Meader, “It keeps us parents honest. It allows us to make sure we give our kids the allowance we promised we were going to give them, and then it allows them to learn firsthand about money.” Meader personally experienced a lot of financial trial and error during his upbringing, and did not want his children to fall to the same fate. A debit card is allocated to each child, with parents receiving access to a virtual bank ledger, so that they can closely monitor and control the money flow into each account. The software runs on any modern computer and mobile device to be accessed anytime from anywhere.
The purchases kids make with the Allowance Manager debit card may vary in price, but the lessons taught by the app are invaluable. In the clarifying words of KOMO host Eric Heintz, “This could be used along with the parents teaching them the value of the dollar and the importance of savings, but it also makes sure we’re giving them the allowance we promised them.” Enforcing responsibility on all parties, Allowance Manager is something everyone can learn from.
Visit Allowance Manager’s website HERE.