How you do pocket money with your kids is a personal thing. But sometimes this gleeful little allowance can get a tad complicated. I speak from experience!
If you’d like an easy way to keep yourself and your child on track with pocket money, an app could be the answer.
A pocket money app is a great way to help your child learn about earning money, saving and reaching financial goals. And, if your kids are like mine and love anything app/device/phone related, they’ll love learning via an app.
I’ve checked out the most popular pocket money apps available and provide a run-down on seven of the best.
Further reading: How to do pocket money for kids the right way.
7 Pocket money apps for kids and parents
iAllowance
I remember using the iAllowance app when my kids were younger. They have since graduated to other pocket money apps, but I still recommend iAllowance to other parents looking for an easy-to-use reward tracking/money saving app, especially if your family is an iOS user.
What I like best about iAllowance is the value for money. It’s one of the cheapest pocket money apps on the App Store and the most powerful. You get chores/reward tracking, automatic allowance payment, push reminders, local backup, data export, and auto sync. It also has different themes for parents, including dark mode. It supports unlimited users and unlimited bank accounts.
The website says that iAllowance is responsible for over 30 million chores completed and 20 million allowances paid!
Free version: No
Cost: $2.99
Pros: Affordable, powerful financial management app for parents and kids, fun and easy to use
Cons: No web or Android version
You will love this app if: Your are an iOS user looking for a solid, easy to use pocket money app.
Kit Pocket Money App
One of my kids prefer using the Kit app to track daily chores and pocket money. We’re both pretty happy with it. She likes checking off her to-do list and enjoys the stories and fun characters in the app. She also uses this to track her savings.
It’s super easy for me to see what’s going on and I feel that transactions are secure. For example, I can track spending and even block some shops. I love that the pocket/spending money and savings (Stacks) are separate. You also get the exact amount paid automatically in your spending account.
I recommend the Kit app for younger kids. It’s built with children in mind as you can see from the design and navigation. It’s easy to use, colourful, and very visual. Each “lesson” is designed to be short and fun. My child who has a short attention span can sit through an entire story. And she loves the jokes!
Kit comes with a digital and physical prepaid card that your child can use. If you don’t have a Kit account yet, make sure to sign up this month. Be the first 1000 new users to sign up between 1-30 November 2022 and get $15 (terms apply). Registration is free.
Free version: Yes
Cost: Free
Pros: Fun and educational money-saving/reward-tracking tool
Cons: Android version in the works
You will love this app if: You have younger kids who want to learn money management.
Quiddo
Quiddo is a newer Australian-made option I came across, and it's a good fit if you want to track pocket money properly with as little fuss as possible. There's no card to order and no bank account to set up, which also means your kids' details stay private and there's nothing extra to manage. You set a weekly amount and a payday, and Quiddo drops it into each kid's balance automatically and splits it across their buckets, so a bit is earmarked for saving and giving before it's spent.
You can link chores to it as well. Some jobs are paid and top up the balance once you approve them, and the everyday responsibilities hold back the weekly pocket money until they're ticked off. The kids watch their balance and savings goals on their own devices, which gets them saving without the nagging. When they want to buy something, you pay for it and log it so the balance comes down. One subscription covers up to three families and you can add extra parents, so it works nicely for separated or multi-household families where the kids move between homes. At $15 a year for the whole family, it's the cheapest one I've come across.
Free version: 14-day free trial
Cost: $15/year for the whole family, however many kids
Pros: Cheapest option on this list, one flat family price, no card or bank account to set up, works across multiple households, Australian-made
Cons: No spending card, so you'll still hand over your own card at the checkout
You will love this app if: You want a simple, low-cost way to track pocket money, chores and savings goals without setting up a card or bank account.
Spriggy
Having tried a lot of pocket money apps with my daughters, all of which have pros and cons, Spriggy is the one we use long-term. In fact my eldest only stopped using it when she turned 15.
It’s the most popular app in Australia, with good reason. It’s an all-in-one financial literacy tool for kids and a great way for us parents to encourage independence. Never mind the kids, I loved using this app.
The feature-packed app lets parents automate pocket money payments for all children, set jobs and savings goals, monitor spending history and send money instantly in an emergency … like when they’re out with their mates and want an ice cream but don’t have enough money in their account – this has happened.
The app is easy-to-use and child orientated but is part owned by NAB so has a hint of serious banking and feels secure.
Thanks Spriggy for bringing in the bank card for the older kids (without the pig on the front). It definitely gives Spriggy longevity because teens are happy to keep using it.
Free version: First month free
Cost: $60/child per year
Pros: All-in-one pocket money and financial literacy app for families
Cons: Pricey if you have a large family
You will love this app if: You want to manage and track your family’s finances from one place.
Hyperjar
My friend has great things to say about Hyperjar, a pocket money app that gives parents more control over their children’s spending. She’s a fan of the single account feature. There’s no separate app for kids, and the kids account is always paired with the adult account.
Kids do have their own prepaid card that mum or dad can top up. This easy-to-use pocket money app also lets parents track where and when they spend it from the main Hyperjar app. Kids can track their balance and spending on their own Hyperjar ap, but they’ll never overspend or access your bank account directly.
Other features she likes: You can set different “saving jars” for specific goals like food, entertainment, school and more (you get unlimited jars). This is a great way for kids to learn about budgeting, saving, spending wisely and planning finances for the future.
Free version: Free
Cost: Free
Pros: Free pocket money app, no subscription, loading or transaction fees
Cons: You need the main (separate) Hyperjar app to monitor kids’ spendingYou will love this app if: You want a completely free pocket money app with zero transaction fees.
Best pocket money app Australia
Bankaroo
My younger child’s friend uses the pocket money app Bankaroo as a virtual piggy bank and she seems to like it. I tried out the free version and was impressed by the features. The basic app is perfect for families who are just getting started with financial management.
You can use Bankaroo on any device and it’s available online and off. It’s easy to use and has fun educational features to help kids manage their allowance and become more financially responsible. Children as young as five can use Bankaroo to save money, earn interest on it, and get badges by completing goals.
I find Bankaroo very safe because parents can access their kids’ accounts and monitor money coming in and going out. More advanced features like checking, charitable donations, and money transfer between accounts can be unlocked by paying a one-time fee of $4.99.
Free version: Yes
Cost: $4.99 (Bankaroo Plus)
Pros: Kid-focused pocket money app with chores/reward tracking, used in schools nationwide
Cons: Money transfer is only available on the paid version
You will love this app if: You are a teacher or parent who needs a free basic financial literacy tool for kids age 5 to 13.
