New app makes kids' allowance an electronic transaction

Parents can assgn chores and pay when they'e completed

Kids lining up to receive an allowance from their parents is a scene that has been played out for generations.

These days, however, it might go down a little differently.

Instead of kids getting cash from their parents – which may not may not make it into a piggy bank before getting spent – the process can take place electronically, with the money going directly into a bank account, away from temptation.

HomeyLabs has introduced a new app that enables this financial transaction, while allowing parents to assign chores and make sure they are completed before any money changes hands.

The standard version of the app is free at the App Store and Google Play, with the premium version costing $3.99.

Money and work lessons

The company says the app teaches kids the value of work and financial responsibility by assigning them household chores and compensating them when they are done.

The numbers are larger than they once were. HomeyLabs says children spend an average of 6.2 hours a week on chores, earning an average of $65 a month. The company says 89% of parents require their children to do chores in order to receive an allowance.

The company says the app does more than transfer money and assign chores. Features include setting goals that kids work toward completing. The goals can include extra money or new toys. Kids can add items to their wishlist to start the conversation with their parents.

Chore management system

The heart of the app is the chore management system. Some chores result in payment and some don't. The parent gets to determine which is which. The app's features allow parents to assign chores for the whole family and set dates for the tasks to be completed.

It's also a two-way street. As kids get older they can use the app to message their parents, reminding them of upcoming events at school or a dance recital.

Couldn't they just tell them? Well, yes. But as busy as everyone is these days, it's easy to forget if things aren't written down, and Post-It Notes can get lost in the shuffle. HomeyLabs says the app gives families some of the same technology businesses have begun to rely on to run smoothly.

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