No Allowance

Many families choose not to give an allowance. However there is still a need to keep track of money that is owed from the parent to the child or that the child owes the parent. MoneyTrail can keep track of these IOUs for you. For example, if your older child babysits her siblings and you don't have the cash to pay her at that moment, you can enter the IOU into MoneyTrail so that you have a record of that job and the amount owed. Or, if your son borrows money from you to buy a new cell phone, you can use the MoneyTrail account to keep track of his loan repayment.

We understand that each family has it's own method of teaching the children about money management. Whether you give an allowance or not, you can customize your MoneyTrail account to fit your family.

When you create your MoneyTrail account, you will be asked to choose between the following money management styles: No Allowance, Basic Allowance or Save Spend Share.

  • No Allowance: This option is for families who do not pay allowance or who do not want the allowance entered automatically but would still like to keep track of their child's money and IOUs.

  • Basic Allowance: In the Basic Allowance plan, an automated allowance payment is virtually deposited in one lump sum into your child's "Credit with the Bank of Mom and Dad" account. You decide on the amount of the allowance payment and choose a weekly or monthly frequency.

  • Save, Spend, Share: In the Save, Spend, Share allowance plan, each allowance payment is automatically divided into three accounts --- the Save Account, the Spend Account and the Share Account. You determine the amount for each and choose a weekly or monthly frequency. See our Save, Spend, Share page for more information.

Customize Your MoneyTrail Account to Fit Your Family!