A lot or a little?
The parents' guide to what's in this app.
What parents need to know
Parents need to know that PiggyBot is a virtual piggy bank for parents to manage kids' allowances. No money is actually exchanged; the app serves as a digital IOU for kids and parents to track how much kids have earned. Parents can receive push notifications as reminders to "pay" the allowances, and then kids log in to claim them. When they're ready to cash out, they just let their parents know, and the adults can make one trip to the ATM. All activity has to take place on one device, though, as there's no way to link the accounts on multiple devices.
What's it about?
Parents set up accounts for each kid, entering each kid's name and assigning him or her a PIN, and designating a weekly amount to spend, share, and save. When kids log on, they enter the PIN and can add a picture to their profile and set spending, sharing, and saving goals. To pay an allowance, parents log on and pay. They also can pay other amounts (say, for extra chores or a gift) and deduct money. When kids log on after receiving an allowance, they'll see what they've earned and how close they are to their goals.
Is it any good?
PIGGYBOT is functional, and it's certainly handy for parents who don't always have the exact cash on hand to pay weekly allowances. It's easy to set up and use and includes features to add other cash for non-allowance reasons and to deduct money as necessary. The conversations it can open up for families about money management, including sharing and saving, is priceless. It's only lacking a log-in function to allow kids to access their allowances from a different device. Privacy is the concern there, making this an issue of convenience versus privacy -- and since no real financial information is involved, this is a case where convenience should win.
Talk to your kids about ...
Set goals and expectations together for how the allowance is earned and how much to share and save versus what to spend.
Use PiggyBot to track money received for birthdays and chores. Parents can take the money and track the amounts so nothing is lost. Then they can cash it out when kids are ready to spend it.
- Devices: iPhone, iPod Touch, iPad
- Subjects: Math: graphing, money
- Skills: Responsibility & Ethics: fiscal responsibility, making wise decisions
Tech Skills: using and applying technology
- Price: Free
- Pricing structure: Free
- Release date: April 16, 2014
- Category: Education
- Size: 11.20 MB
- Publisher: BancVue, Ltd.
- Version: 1.1
- Minimum software requirements: iOS 7.0 or later