When it comes to money management, kids are generally not the best at it. Some adults even have issue with managing their finances. For parents, teaching your kids how to manage money at an early age isn’t necessarily a bad idea, and now with an app called Oink having launched on Android recently this task can be simpler than before. Obvious benefits are that it’s mobile, meaning because it’s in an app form both kids and parents can interact with it using a tool they likely have on them at all times: their smartphones. The app interface is also designed quite nicely and is easy to navigate so it should be user-friendly for just about anyone.
Essentially, this is a digital wallet app for kids of all ages, so think of it like Google Wallet but with the parental controls and management options you as a parent would want to have. It allows for families to set up a digital account with finances that can be managed by parents for their children, while giving the children the freedom to also use those funds for online shopping and on the go. It’s a great way for parents to add funds for allowance or other reasons. Parents can add funds at any point and the money gets instantly added to their kids’ Oink account and parents can even keep track of the spending.
Shopping using the funds inside of the Oink account can be done in one of two ways, using the mobile app for online purchases or using the Oink prepaid card for in-store purchases. This makes it easy for kids with an Oink account to shop and make purchases in whatever way is most convenient for them at the time. In addition to being able to track the spending and add money on a whim, parents can also set spending limits, so kids can’t just blow through all of their Oink funds in a flash which should help to facilitate an understanding of the importance of money management. It’s also worth noting that the spend tracking happens in real-time, so parents will not only know what their kids are spending money on, but when exactly they’re making purchases. As an added benefit, Oink users get exclusive deals on various purchases. Oink is a free to use app and service, although parents will need to set up the account and configure parental controls from the website beforehand.