My kids’ regularly earn an allowance, but it’s not the easiest thing for me to manage. Sometimes I forget, and other times I just don’t have the cash available to give to them. So, we’re usually shopping somewhere when they decide they want something and remind me about all of the money I’ve forgotten to give them. I was interested to learn about Virtual Piggy, an online website that helps you monitor and manage your kids’ allowances and spending.
Virtual Piggy is probably best for kids aged 9 and above. My daughter is 8, and needs to be walked through the process. To sign up, first you set up a parent’s account, either with a separate user name/password, or through Paypal. Then, you’ll set up an account for each child, and specific the monthly amount each child receives per month.
Once you’ve set everything up, your kids’ will be able to login with the user name and password you specified. They’ll see the amount of money available to them, and can actually make purchases through Virtual Piggy partner websites (there are only a few right now, but over 80 merchants have signed up as partners). Your children don’t have to provide credit card or shipping information – they only need to sign in to their Virtual Piggy account.
Virtual Piggy does not hold any money – it simply designates a spending limit on your credit card or Paypal account for your child. So, if your child doesn’t want to spend their money, or would rather save it instead, you don’t need to worry about getting your money “out” of Virtual Piggy. Or, you could designate only the “spending” portion of your kids’ allowances to Virtual Piggy.
Spending the money in Virtual Piggy is easy. Your child will log in to their account, find a shop, and then shop online. When they are ready to make a purchase, they’ll see the Virtual Piggy button. If they don’t have enough funds designated in their account, the transaction will be denied.
I like the fact that Virtual Piggy works as a learning tool for kids too. The child dashboard includes graphs and charts that help kids figure out how much they have to spend and how much they’ve already spent. Kids can also create a wishlist made of items found anywhere online, and the wishlists can be used by the parents to purchase gifts.
To learn more about Virtual Piggy, visit their website.
Disclosure: This is a sponsored post on behalf of Virtual Piggy, but all thoughts are my own.