HomeyLabs Launches a New Saving and Banking App for Kids

HomeyLabs launched a new version of Homey – Chores and Allowance mobile app, that now features a wallet functionality and enables children to save money in virtual saving jars that can be connected to their savings or checking accounts opened at their bank of choice.

HomeyLabs, a startup that was recently selected as a semifinalist for TechCo’s Startup of the Year Competition, released new features for Homey – Chores and Allowance app. Homey app helps parents teach their kids financial responsibility through a system of chores, allowance, and chore commissions.

Homey enables parents to set chores for the whole family and track each child’s allowance and extra chore commissions in one place, while enabling kids to learn about money management, budgeting, and saving. Chores in Homey are split on responsibilities and jobs. Parents can require a photo-proof of each chore, and can set it so that chores need parent’s approval.

All the funds that children earn now go into each child’s wallet, where they can set up their Jars – saving goals. These jars can use the popular “save, spend, donate” three jar method, or each of the child’s saving goals can have their own jar. Additionally, parents can choose to put extra money in a child’s wallet if they want to reward them, or deduct an amount from the IOU when they buy things for kids in a store. When kids reach their saving goals parents can pay them out either in cash, or they can connect the child’s bank account, opened at any bank or credit union in the US, and transfer the money right from the app.

Homey also features a robust permissions system that enables parents to pick and choose features that each child will see in the app, so that older kids may be allowed to mark chores as done in the name of their younger siblings, or edit a chore’s due time if they must skip a day, while younger kids don’t even see those options in the app. With all these features Homey promotes long term saving, teaches kids about banking, and provides a tool for teaching responsibility.

The app is available on App Store, Google Play, and Amazon for free, with a premium subscription version available for upgrade inside the app.

Additional information available on www.homeyapp.net and info@homeyapp.net.