Teaching kids about money management has become increasingly critical, especially since more than half of today’s young people report feeling unprepared for their financial futures. While tracking allowances and chores can be challenging for busy families, digital tools now offer ways to automate these tasks while teaching essential money skills.
These family-focused apps help transform basic money concepts into engaging learning experiences. Whether you’re looking to manage household tasks or teach budgeting basics, these tools can help your family create stronger financial habits together.
Top family apps for allowances and chores
Each family approaches money lessons differently. Here’s an analysis of several tools that can help manage chores and teach financial skills:
1. BusyKid
Best for families who want a hands-on approach to financial literacy, especially for older children ready to explore saving and investing.
BusyKid combines practical money management with learning opportunities. The app connects chores to earnings, helping children understand the relationship between work and rewards. Parents can oversee spending through a connected prepaid debit card, while children can explore basic concepts of saving and investing.
Key features:
- Task tracking and allowance management
- Prepaid debit card with parent controls
- Options for charitable donations
- Introduction to basic investing concepts
Cost: $4 per month
2. Greenlight
Best for families with older kids who need an educational tool that evolves with their skills.
Greenlight focuses on building financial skills over time. The app combines practical tools like chore tracking with broader money management lessons. Parents maintain oversight while children gain hands-on experience with spending and saving decisions.
Key features:
- Real-time spending notifications for parents
- Customizable spending limits and controls
- Tools for setting savings goals
- Basic safety features like location-sharing
- Educational content through interactive learning
Cost: Starting at $5.99 per month for up to five children
3. Acorns Early
Best for families who want a gamified experience teaching children financial skills.
Acorns Early (formerly GoHenry) provides a fun and interactive approach to managing allowances, complete with a prepaid debit card, custom chores and financial literacy games. It’s designed to make money management engaging for kids, with plenty of parental oversight.
Key features:
- Adjustable chore and reward systems
- Built-in financial education activities
- Clear parent controls and spending boundaries
- Regular allowance scheduling
- Tools for tracking savings progress
Cost: $5 for one child or $10 for up to four children after free trial
4. iAllowance
Best for families looking for an affordable, customizable solution for chore and allowance management.
iAllowance takes a straightforward approach to tracking chores and rewards without a subscription. The app gives families flexibility in how they structure tasks and rewards. While it lacks some advanced features like debit card integration, the simple approach and one-time cost make it an accessible option for many families.
Key features:
- One-time purchase rather than a subscription
- Separate tracking for multiple children
- Customizable reward structures
- Built-in task reminders and instructions
Cost: Free basic version; $2.99 for full version (iOS)
5. FamZoo
Best for families seeking an all-in-one solution to teach children financial responsibility through practical experience, with the flexibility to tailor the system to their unique requirements.
FamZoo creates a family banking experience that helps children learn money management through practical experience. The app lets parents create a structured environment for financial learning while children practice real-world money skills. It does require a monthly or annual subscription fee and the interface may require a learning curve for some users.
Key features:
- Prepaid cards with parent oversight
- Comprehensive chore and allowance tracking
- Goal-setting and budgeting tools
- Real-time transaction monitoring
- Digital IOU tracking for informal family lending
Cost: $5.99 per month after free trial
Key features to look for in allowance and chore apps
Before choosing a money management app for your family, consider these key elements:
- Simple navigation: Look for an interface that both parents and children can use confidently. The best tools grow with your family, remaining useful as your children develop new skills.
- Flexible setup: Every family handles chores and allowances differently. Consider whether the app lets you create custom task lists, adjust reward schedules and set personal goals that match your family’s approach.
- Learning opportunities: Strong educational features help teach kids about financial responsibility. Look for tools that teach practical money skills through real-world scenarios.
- Parental controls: Safety features matter. Consider what controls you need, from spending limits to activity monitoring, especially if the app connects to actual money.
- Value assessment: While some apps offer free versions, others require monthly subscriptions. When weighing costs, consider which features matter most to your family.
The bottom line
Digital tools for managing allowances and chores can help families stay organized while teaching valuable money skills. Finding the right balance of features — from basic task tracking to more advanced financial education — helps create positive money habits that can last a lifetime.
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