2.0.146 Safe to install
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:
- 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.
- 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.
- When it comes time for your child to spend money, you distribute funds or provide cash and make the necessary deductions within the app.
- Consequently, the account balance reflects what you owe your child. Transaction notifications keep your child informed of all financial activities.
- Clients can monitor their account balance easily and track expenditures within the app to develop sound financial literacy.
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.
- Terms of Use (EULA): Terms of Use
- Privacy Policy: Privacy Policy
Overview
Allowance Tracker - Bomad is a Freeware software in the category Business developed by Graeme Pyle.
The latest version of Allowance Tracker - Bomad is 2.0.146, released on 07/05/2024. It was initially added to our database on 07/05/2024.
Allowance Tracker - Bomad runs on the following operating systems: iOS.
Users of Allowance Tracker - Bomad gave it a rating of 5 out of 5 stars.
Pros
- Simple and user-friendly interface, easy for children to use
- Allows parents to easily track and manage their children's allowances
- Can set up multiple children and assign different allowance amounts or frequency for each
- Provides a clear overview of each child's allowance status and history
- Encourages financial literacy and responsibility in children
Cons
- May not have as many advanced features compared to other allowance tracking apps
- Limited customization options for allowance setup
- Some users have reported occasional bugs or glitches in the app
- The app may lack integration with other financial management tools
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