I created Chore Bank, because my method of handling my kids' allowances was not working. Previously, my kids would receive a set $ amount per week as an allowance. in a separate agreement, they were expected to do a set of weekly chores. Often I would find that the chores were not done, but my kids still expected their allowance! Or maybe one child had done their chores, but the other hadn't. It often resulted in an argument. I needed a quick and simple way to keep track of whether my kids were doing their chores. The iPhone was the obvious solution.
I carry my iPhone everywhere I go, so now, when I notice a chore has been done, I simply check it off a list in the Chore Bank app. This updates the child's account with whatever monetary value I have associated with that particular chore. The sum of all the child's weekly chores is roughly equal to their previous allowance. Since I started using the Chore Bank, there are no more arguments about allowances or chores. My kids want their allowance, so they do their chores. And they actually seek additional chores to do, in order to earn more allowance. I bet you never thought you would hear your child say, 'Dad, what chores can I do today?' The Chore Bank is truly a win-win for you and your child.
Teach your child how to save money
But the Chore Bank is more than just a way to keep track of your child's completion of chores and allowance. It also serves as your child's savings account. You can make deposits to a child's account to handle random 'gifts' or unexpected earnings from things like a lemonade stand or babysitting. You can of course handle withdrawals from the account, when your child wants money for something you would not ordinarily pay for yourself.
You set an interest rate, which is a great way to teach your child the value of saving money. I set the interest rate quite high, in order to impress upon them the value of leaving your money in the bank, rather than spending every penny you earn, as soon as you earn it. My kids have used the Chore Bank, which they refer to as the 'Bank of Dad', to save for big ticket items,like a laptop computer.
The application is localized in English, French, German, Italian, Spanish, Dutch and Portuguese.
Help and Support
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