IOU Kids is a mobile App to keep track of a childs savings. Money the child earns is added to the childs account and deducted when the child requests their money.
The money which is deposited into a child’s profile account on the application can be via allowances, chores, rewards, cashing in actual money etc. which is simply added to the child’s profile balance, and when the child wishes to redeem the money, it is quite simply deducted from the child’s profile balance, after a PIN is entered by the user (if enabled).
The child or user have access to view how the savings are progressing via the logged Transaction History. The transaction history has a filter option to display in week, month, quarter, year or all time and (based on the user’s preference) can be displayed either as a scrolling list, or in graphical representation via the pie graph. The two selectable pie graph views allow the user to quite simply display the Money In or Money Out over the selectable queried time span.
This helps the child visualise how their savings are tracking, and also for the user to provide the child evidence of the transactions, (if the balance of the account is ever challenged).
The App automatically detects the locale of the user and the currency and date format (when viewing the transaction list) are both set accordingly.
The app not only teaches the child the value of saving and patience when using their own money (if they are saving up for something) and prevents the misplacement or loss of actual money, but also provides the parents with some much appreciated help around the house or life in general i.e. putting the bin’s out, cleaning their room or rewards for good behaviour.