How It Works
MoneyTrail is a virtual, online system for keeping track of the money and credit between you and your child. We are not holding your money or asking for bank account information. Instead, we are simply helping you and your child keep track of how much money or credit he has.
Let’s take a look at how MoneyTrail can help a family. The Davidson Family has been using MoneyTrail for one month now. Their daughter, Morgan, is 13 years old and gets $5 allowance once a week. Her mom set up the account so that Morgan’s allowance would be added automatically each week. Morgan’s account currently looks like this.
Morgan goes shopping with her mother and decides that she wants to buy a book that costs $12. Morgan’s mom checks the MoneyTrail account on her cell phone and verifies that Morgan does indeed have enough allowance built up to purchase the book. Mom goes ahead and buys the book on behalf of Morgan. Then Morgan simply enters the purchase into her MoneyTrail “Bank of Mom and Dad” account. On MoneyTrail, the Bank of Mom and Dad is the account where the credit between a parent and a child is tracked. Her credit (or IOU) balance now looks like this. Her parents now owe her $8.
Later that week, Morgan wants to go to the movies with her friends and needs some cash. She doesn’t have any cash of her own but she checks her MoneyTrail account and sees that her parents still owe her $8 for allowance. She asks her Dad for the cash and he hands it to her. To record this transaction between her and her Dad, Morgan uses the “Exchange” feature. She has exchanged $8 in credit (IOU) for $8 in cash. Now her account looks like this. Note that when you look at the Account Overview, the balances now show that her parents do not owe her any money but that Morgan has $8 in cash.
MoneyTrail can help you keep track of your child’s allowance, cash, checks and gift cards. Day to day transactions are quick and easy to record and reoccurring transactions, such as allowances or monthly purchases, can be added automatically. Try MoneyTrail today!