Allowance Tracker - Bomad 2.0.146

Graeme Pyle – Freeware – iOS
out of 66 votes

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Bomad, which stands for Bank of Mom and Dad, provides a platform that allows parents to effectively educate their children on financial management. The concept is straightforward:

<ul>
<li>Create a virtual bank account for your child using the parent app on your smartphone. They can access this account via the child app on their tablet, phone, or other devices.</li>

<li>Set up regular allowances in the app or input any additional funds received, such as birthday money or gifts, which they hand over to you. You manage these funds as their 'banker' but record the transactions in their app account balance.</li>

<li>When it comes time for your child to spend money, you distribute funds or provide cash and make the necessary deductions within the app.</li>

<li>Consequently, the account balance reflects what you owe your child. Transaction notifications keep your child informed of all financial activities.</li>

<li>Clients can monitor their account balance easily and track expenditures within the app to develop sound financial literacy.</li>

</ul>

Beyond mere money management skills, Bomad encourages positive habits in children. By engaging with the platform, children learn to curb impulsive spending tendencies and shift focus towards future financial planning. Under parental guidance, they develop improved decision-making skills surrounding budgeting and expenditure.

In addition to these fundamental features, Bomad offers a range of functionalities. Children can establish saving goals, earn rewards for completing chores, and older users have access to claiming expenses and requesting transfers to real bank accounts for debit card spending.

<ul>
<li>Terms of Use (EULA): <a href="https://www.apple.com/legal/internet-services/itunes/dev/stdeula/">Terms of Use</a></li>
      
<li>Privacy Policy: <a href="https://bomad.app/privacy-policy">Privacy Policy</a></li>
</ul>

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