Online allowance trackers, or virtual family banks, are popular tools for organizing a child’s money and encouraging financial literacy skills. We created our MoneyTrail website and app to fit a need that we have in our family. We have four kids and keeping up with allowances, IOUs and cash was difficult. I would continually forget the last time I paid allowance or I would lose the sticky note that reminded me to pay Brittany $10 for washing the car. Since Frank was a computer programmer and I was a teacher, we put our heads together and created a solution that worked for us. (Read our full story here.)
MoneyTrail may have started with our family but it has rapidly grown to help thousands of families with their allowance and money management needs for kids. Frank and I are proud to offer our free virtual family bank from our website and we have an app in all the major app stores.
MoneyTrail features include:
- Tracking of allowance, cash, IOUs and gift cards.
- Free website access
- Three formats: basic allowance, Save Spend Share or no allowance
- Parents can add interest to their child’s savings.
- Allowance can be added automatically
- No limit on the number of children on a parent account
- Custom accounts can be created for each user to keep track of savings for specific items, such as a new cell phone or Disney trip.
- Supported devices: Apple phones and tablets, Android phones and tablets, BlackBerry phones and tablets, the Kindle Fire and the Nintendo DSi
- Teens can have their own accounts.
Visit MoneyTrail to get started with your free account or visit our Apps page to learn where to get your mobile app.
There are many other folks who offer similar online allowance tracking services. Here is an alphabetical list of other choices and their price:
- Activeallowance.com: Basic is free; full membership is $2.99 per month
- Allowancemanager.com: Free.
- Allowancetree.com: Basic is free; premium membership is $2.99 per month.
- Bankaroo.com: Free.
- Doughmain.com: Free.
- Familymint.com: Basic is free; premium membership is $4.95 per month.
- Famzoo.com: Free trial, then $5.99 per month. Two year membership option is $59.99 ($2.50 per month)
- Kidworth.com: Free.
- Firstkidbank.com: Free.
- Littlemoneybags.com: $12 per year for a family account that can have up to 6 kids.
- Guluck.com: Free
- Kashpile.com: Not sure; membership is by invite only.
- Kidelity.com: Free.
- Onefatpig.com: Not sure.
- Payjr.com: Free for 12 and under; teen version with Visa Buxx card has $4.95 initial fee and then $3.95 monthly charge after that. There is a $0.50 to reload the card.
- Smartypiggybank.com: Free
- Threejars.com: Currently free.
- Tykoon.com: Free
- Zefty.com: Free but accepts donations.