MoneyTrail is a free, online system for tracking allowance and credit between kids and parents. ... More
MoneyTrail is a free, online system for tracking allowance and credit between kids and parents. Never forget to pay that allowance again!
Last updated 1 Dec 2011
Published 27 Sep 2011
There are a few sites of this type around offering families a platform to keep up to date with who owes who. They follow a similar pattern in that a virtual bank is created, with Mom and Dad providing the funds of course, and virtual transactions are credited and debited to reflect the real cash position.
What amuses me is that they all use a similar marketing ploy and target the kids with statements like "never miss out on your allowance again" or words to that effect. Whether paid weekly or monthly I cannot imagine any child forgetting the significance of the day it’s due with most no doubt standing next to Dad with their hand outstretched as he tucks into his cornflakes.
As an educational tool however Moneytrail is up there with the rest and gives parents the tools to teach their kids the importance of financial management.
Mom and Dad have the option to set up automatic credits to their children’s virtual accounts to reflect allowances and these can go in either as lump sums or spread over three sub-accounts called save, spend and share. The latter arrangement encourages the importance of putting a little money aside for both savings and charity giving.
I suppose another advantage is that kids don’t have to carry a lot of cash around with them as anything they want can be bought by their parents and then deducted from their virtual account. Parents can use their mobile phones to check if enough...