There’s no better time than the present to teach your kids about money. Dan Meader, CEO and founder of Allowance Manager, discusses his thoughts on teaching children money management especially when parents may ask themselves “why now?”
In the interview with Shelley Duffy of KDKA’s “Now You Know,” Dan specifies that financial education is not something taught in schools. It’s a skill that is developed over time. Just like how a child learns to ride a bike after a few falls and bruises, shaping the spending habits of children at a young age develops money management skills. Dan also advises parents to let their kids buy presents for their loved ones with allowances this holiday season. Usually the gift buying process is never given to children, but by allowing them to make their own purchases they’ll gain firsthand experience with money.
A client of tech and app public relations firm PMBC Group, Allowance Manager solves the problem that allowances have dealt with in the past. Usually, parents would start giving their kids an allowance and often time forget to follow through. This creates an inconsistent allowance for children, which then leads to a loss of trust from both ends. The app solves this problem by either reminding or automatically depositing money into children’s accounts connected to a prepaid debit card called the AllowanceCard. The parents and kids can then both view the app which serves as a digital ledger. Parents may automatically debit money from their kids’ prepaid debit card if they have made a purchase on behalf of their kids or credit money into their children’s prepaid debit card in exchange for chores.
Allowance Manager is free to download in the app store. The free version offers notification reminders for parents to pay their kids. Upgrade to the full version of the app to automatically debit and credit money to and from your children’s prepaid debit card.
To listen to the full interview click here.