Credit

Most families use credit between the parents and the child in the form of a standard IOU. It typically involves one of two scenarios ---- either the child has borrowed money from the parent (maybe to buy a cell phone!) or the parent owes the child money for allowance, chores, etc. Trying to keep up with who owes who and how much can be a pain! I would often just hand my child some cash and declare that all debts were settled. This “method” was frustrating and set a bad example for my children.

MoneyTrail makes it easy to keep up with this “line of credit”. In your Moneytrail account, the parents are the “bank” and issue credit to the child. Some transactions that occur on a regular basis, like allowance, can be added automatically to this account. For day to day transactions, you simply deposit the amount of credit each time. For example, Sam washes his dad’s car and his dad owes him $10 for that. Sam goes into his account and deposits $10 in the credit – Bank of Mom and Dad account and it shows that his parents now owe him $10. MoneyTrail makes it easy and convenient to accurately keep track of the line of credit between parents and children.