Bomad - short for Bank of Mom and Dad - teaches kids about money by letting parents run a private bank for their children.
It works like this:
You create a virtual bank account for them using the parent app on your phone, which they can see in the child app on their iPad, phone or other device
Then you set the app to add an allowance weekly, or when they get birthday money or cash from the tooth fairy, they give it to you and you keep the money as your own, but add it to their bank account in the app
When your child wants to spend, you pay or give them cash, and deduct it in the app
So the account balance is just what you owe your child
Your child gets notifications for all transactions
They can easily see how much they have in the app, and what their money was spent on
So your child really begins to understand money
They stop nagging for stuff every time you're at the mall. They start thinking more about the future, and - with your guiding hand - they start making better spending and budgeting decisions.
Bomad has many other cool features too: kids can save for goals and get paid for doing chores. Older kids can claim expenses and transfer money to real bank accounts and spend on debit cards.
It works like this:
You create a virtual bank account for them using the parent app on your phone, which they can see in the child app on their iPad, phone or other device
Then you set the app to add an allowance weekly, or when they get birthday money or cash from the tooth fairy, they give it to you and you keep the money as your own, but add it to their bank account in the app
When your child wants to spend, you pay or give them cash, and deduct it in the app
So the account balance is just what you owe your child
Your child gets notifications for all transactions
They can easily see how much they have in the app, and what their money was spent on
So your child really begins to understand money
They stop nagging for stuff every time you're at the mall. They start thinking more about the future, and - with your guiding hand - they start making better spending and budgeting decisions.
Bomad has many other cool features too: kids can save for goals and get paid for doing chores. Older kids can claim expenses and transfer money to real bank accounts and spend on debit cards.
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