As with most things in modern life, choosing the right app can make this entire process very easy and even follow how the money gets spent, saved or invested. In other words, complete control and insight into how your kids earn, save, invest and spend money.
Greenlight started first offering debits card for kids which get managed by parents. The debit card provides parents control over where their kids can spend money by limiting the stores where their cards work.
Teach your kids to spend, save and earn — all from the Chase Mobile® app. Chase First BankingSM helps parents teach teens and kids about money by giving parents the control they want and kids the freedom they need to learn.
goHenry is another allowance management app which provides kids with a banking app linked to a debit card. You have an online account which comes linked to individual accounts for each of your children.