Bomad - short for Bank of Mom and Dad - is a virtual piggy bank and allowance tracker app. It teaches kids financial literacy and helps parents keep track of pocket money for kids.
The tracker works like this:
You create a virtual piggy bank for them using the parent app on your phone, which they can track in the child app on their iPad, iPhone or other device, similar to the old roostermoney or bankaroo.
Then you set the app to add an allowance or pocket money weekly, or when they get birthday money or cash from the tooth fairy, they give it to you and you keep the money as your own, but you track it by adding it to their balance in the app
When your child wants to spend, you pay or give them cash, and deduct it from the tracker
So the account balance is just what you owe your child
Your child gets notifications for all transactions, including when their allowance or pocket money arrives
They can easily see how much they have in the app, and track what their money and allowance was spent on
By keeping track of it, your child really begins to understand money. Giving them an allowance or pocket money, however small, teaches them to budget and save (weekly allowances are best, especially for younger kids).
They stop nagging for stuff every time you're at the mall. They start thinking more about the future (e.g. how many more allowances will it take to reach a certain goal), and - with your guiding hand - they start making better spending and budgeting decisions. They learn financial literacy.
Bomad has many other cool features too: kids can track their progress toward savings goals and get paid for doing chores. Older kids can claim expenses and request money transfers to real bank accounts so they can spend on debit cards. You can also split the allowance or pocket money between different accounts - spending, saving, giving, etc. - like the old bankaroo and rooster money.
Bomad is more than a piggy bank app, it teaches kids better money habits. It’s also an allowance tracker and pocket money app. It makes handling money for kids a breeze for parents.
Terms of Use (EULA): https://www.apple.com/legal/internet-services/itunes/dev/stdeula/
Privacy Policy: https://bomad.app/privacy-policy
This app is easy to use and doesn’t have extra bells and whistles, which I appreciate. My family needed a cashless way to track how much the kids have in their “wallets” without having to attach to any banks or whatever.