Pocket Money Tracker - Bomad

Bomad - short for Bank of Mom and Dad - teaches kids good money habits by letting parents run a private bank for their children. It helps parents track pocket money too.

The tracker works like this:

You create a virtual bank account for them using the parent app on your phone, which they can track in the child app on their tablet, phone or other device (similar to rooster money)

Then you set the app to add 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 in the app

So the account balance is just what you owe your child, tracked by the app

Your child gets notifications for all transactions, including when their pocket money arrives

They can easily see how much they have in the app, and track what their pocket money and other money was spent on

By keeping track of it, your child really begins to understand money. Giving them pocket money, however little, teaches them to budget and save (weekly pocket money is 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 weeks of pocket money will it take to reach a certain goal), and - with your guiding hand - they start making better spending and budgeting decisions.

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 pocket money between different accounts (spending, saving, giving, etc.)

Bomad is more than a pocket money tracker, it teaches kids better money habits, while making tracking money and pocket money a breeze for parents.