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A lot or a little?
The parents' guide to what's in this app.
What parents need to know
- Parents say
- Kids say
What's it about?
The classic piggy bank crosses with a reward sticker chart and gets a snazzy upgrade with KIDIBANK, an app that lets parents and kids document behavior, chores, earnings, spending goals, and screen time as neat and tidy financial transactions. Create accounts for up to four grown-ups and six kids, and customize away. Establish spending goals, and list chores or daily expectations. Pay into kids' accounts with stars, a weekly allowance, extra money, or screen-time minutes, and let kids spend that capital however they wish. Stars can be exchanged for a trip to the ball game, money for a new toy, and screen time for an extra hour playing video games.
Is it any good?
Financial literacy can be a hard thing to teach kids, and a tool that helps them keep track of their earnings, set savings goals, and come up with ways to earn more can be a big help. Kidibank does all that in a relatively easy-to-use format. Especially in an economy where cash is just not used very often, it does a nice job of helping kids understand what they've earned -- through an allowance or by meeting expectations -- and how and where they can spend their earnings. Because the bulk of features is available only in the parent view, parents and kids have to work through expectations and spending goals together, which can prompt some really great discussion. On the other hand, if taken to the extreme, Kidibank can easily make everything seem like a transaction: Every behavior or good deed needs a reward, and every special thing families do together must be "paid" for (with stars or money earned). Some experts warn against this model, since chores are a way to contribute to the family community. It would also be nice to see a few more customization options, such as the ability to simply track an allowance without the other bells and whistles. For example, some families may not want extra screen-time minutes to be included as something to earn. Also, to really use the app to its fullest, parents and kids would need to be updating it at least daily, which could make the whole process more about playing around with an app rather than learning about saving or earning rewards. Overall, if used well and in accordance with your family's values, Kidibank can be a powerful tool.
Talk to your kids about ...
Families can talk about which spending goals kids want to enter in their Kidibank. What kinds of items or special treats will inspire your kids to save their allowance for months?
Set up the chores and expectations section together as a family. Involve the kids in deciding who does what around the house and which extra chores might earn extra money.
Talk to your kids about how you handle your money and make financial decisions. Discuss the difference between wants and needs. Let them in on your thinking process for making trade-offs and deciding how and when to spend your hard-earned money.
Discuss sharing and donating resources as a family. Are there charitable organizations your family helps? How can your kid keep track of what they want to save, share, and spend?
- Devices: iPhone, iPod Touch, iPad, Android, Kindle Fire
- Subjects: Math: money
- Skills: Self-Direction: achieving goals, goal-setting, work to achieve goals
Responsibility & Ethics: fiscal responsibility
- Price: Free to try
- Pricing structure: Free to try (one month free, then $12.99/year)
- Release date: March 23, 2017
- Category: Education
- Size: 434.00 MB
- Publisher: White Label Creations Gibraltar Limited
- Version: 1.0
- Minimum software requirements: iOS 10.0 or later; Android 4.2 and up
For kids who love money and managing time
Our editors recommend
Common Sense Media's unbiased ratings are created by expert reviewers and aren't influenced by the product's creators or by any of our funders, affiliates, or partners.