Allowance Goes Online

Posted on 29. Jul, 2007 by in Saving & Investing

Sure there’s a Web 2.0 application for your photos, to-do lists, and even tracking whether or not you’ve kicked your smoking habit… but if you’re like me the real web application I’ve been waiting for has arrived.

Active Allowance.

That’s right, I can now manage and pay my children’s allowances online. That white board was getting a little crazy. (If you haven’t picked up on the sarcasm, please do so now)

I’m a big fan of the Internet and it’s magical tubes that make them work, but I also believe that you don’t need to do EVERYTHING online. Although a clever marketing idea that will undoubtedly make money… Active Allowance isn’t for me.

The service starts with setting up your children’s names and their weekly chores (the site calls them responsibilities). Then, each child gets their own checklist, which lists their chores for each day of the week.

Every day, they check off those items that have been completed. After you enter the totals into Active Allowance at the end of the week, each child’s earnings are calculated automatically and “deposited” into their Family Bank accounts (including extra for any bonus items).

Kids can go onto Active Allowance at any time to see how much they have in each account. If they decide to buy something, they simply print off a special “Family Bank” check, and present this to a parent. The amount is deducted automatically from their virtual account.

The idea is interesting, and I can see it working for older children (10+) by teaching them how to use the Internet effectively and even budgeting. But for younger children I would stick to handing out a $10 at the end of the week. Just make sure that you have a piggy bank of some sort set up so that $10 doesn’t go straight to candy or iTunes downloads.

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