• ★ Allowance tracker: Bomad
• ★ 2024-03-18
• ★ Questions & Answers

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About Allowance tracker: Bomad

Bomad - short for Bank of Mom and Dad - teaches children awesome cash habits by letting parents run a private bank for their children. It helps parents track allowances too.

The tracker works like this:

You make a virtual bank acc for them using the parent application on your phone, which they can track in the kid application on their tablet, phone or other device (similar to rooster money)

Then you set the application to add an allowance weekly, or when they obtain birthday cash or money from the tooth fairy, they give it to you and you hold the cash as your own, but you track it by adding it to their balance in the app

When your kid wants to spend, you pay or give them cash, and deduct it in the app

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

Your kid gets notifications for all transactions, including when their allowance arrives

They can easily see how much they have in the app, and track what their cash and allowance was spent on

By keeping track of it, your kid really begins to understand money. Giving them an allowance, anyway small, teaches them to budget and save (weekly allowances are best, especially for younger kids).

They stop nagging for items each time you're at the mall. They start thinking more about the future (e.g. how a lot of more allowances will it take to reach a certain goal), and - with your guiding hand - they start making better spending and budgeting decisions.

Bomad has a lot of other cool features too: children can track their progress toward savings goals and obtain paid for doing chores. Older children can claim expenses and request cash transfers to real bank accounts so they can spend on debit cards. You can also split the allowance between various accounts (spending, saving, giving, etc.)

Bomad is more than an allowance tracker, it teaches children better cash habits, while making tracking cash and allowances a breeze for parents.

New Features: Add some cute animal pictures for use as profile pictures

Allowance tracker: Bomad Cheats, Hints, Way to Modify, How to Use & How to Win.