Piggy Bank Allowance - Bomad

Graeme P

In-app purchases

About this app

Bomad - short for Bank of Mom and Dad - teaches kids good money habits by letting parents run a virtual piggy bank for their children. It helps parents track allowances and pocket money too.

The tracker works like this:

You create a virtual bank account for them using the parent app on your phone, which they can track in the child app on their tablet, phone or other device (similar to rooster money & gimi)

Then you set the app to add an allowance or pocket money 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 you track it by adding it to their balance in the app

When your child wants to spend, you pay or give them cash, and deduct it in the app, like bankaroo

So the account balance is just what you owe your child, tracked by the app

Your child gets notifications for all transactions, including when their allowance or pocket money arrives

They can easily see how much they have in the app, and track what their money and allowance was spent on

By keeping track of it, your child really begins to understand money. Giving them an allowance or pocket money, however small, teaches them to budget and save (weekly allowances are best, especially for younger kids).

They stop nagging for stuff every time you're at the mall. They start thinking more about the future (e.g. how many more allowances will it take to reach a certain goal), and - with your guiding hand - they start making better spending and budgeting decisions.

Bomad has many other cool features too: kids can track their progress toward savings goals and get paid for doing chores. Older kids can claim expenses and request money transfers to real bank accounts so they can spend on debit cards. You can also split the allowance or pocket money between different accounts (spending, saving, giving, etc.)

Bomad is more than an allowance tracker, it teaches kids better money habits, while making tracking money and allowances a breeze for parents.

Ratings and reviews

This app is exactly what I was looking for. it's not bloatware, has an easy to use interface and it's teaching my son how to be cognizant of his spending. I wish there was a one time purchase option besides a subscription as the premium features are nice to have but don't warrant an ongoing subscription but I would still like to support the developer.

Misleading. It doesn't show that it costs anything, so you install it, and once you input all of your info and try to start making transactions, it requires you to pay for it. Sad that it was a waste of time. Just be up front! I was looking for a free app with this functionality. This comes up in search results as a free allowance tracker app. Warn users that this is not a free app in the description. Having in-app purchases is different from not being able to use the app at all without paying.

The app is good, the features are good, and I would recommend to anyone to install this if they need to manage their kids allowance. However, there is one thing I'm very disappointed by, which is the fact that this app is choosing to monetize by subscription. My kid is 6 years old, I don't need any of the pro features other than setting recurring allowance. I would have preferred to unlock it with a one-time payment.

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