AllowanceTree is a free, award-winning virtual banking system that represents real money. Children’s monthly allowances are automatically tracked, and teens can save, spend, donate to charity, invest in their school grades, earn bonuses for doing their chores well, and learn about credit and avoiding debt. Parents have access to all transactions, and simple parental controls allow the site to be customized to fit all parenting styles.
In our current economic climate, the need for financial literacy is widely recognized, yet most of our kids are neither learning it at school nor at home. AllowanceTree was created to provide a solution to this problem, teaching them good financial habits by simulating real life financial decisions. Children who understand money and know how to use it effectively will be less likely to make disastrous financial choices as adults.
AllowanceTree recently won the People's Choice Award at startup symposium VatorSplashLA 2012. According to Economics for Dummies author Dr. Sean Flynn, AllowanceTree is “by far the best tool for teaching budgeting and financial responsibility that I have ever seen. Beyond forcing kids to budget, I love the "investing in grades" feature as well as the fact that parents are going to be so intimately involved.”
· Save, and earn interest from their parents
· Invest in their grades at school and make a profit when they go up
· Invest in real silver and gold coins that are shipped to their home
· Donate to charity
· Spend their money at a parent-supervised online store
· Take out loans from their parents with interest and minimum monthly payments
· Have a credit score based on their portfolio and their debt
· Earn points, badges and rank for good money management
· Hold their children’s money
· Must approve and pay for each purchase
· Can pay interest on savings (optional)
· View all transactions and histories
· Approve, decline, or counter-offer any loan application
· Suspend any of their children’s accounts
AllowanceTree was co-founded by Arnie Benn, former middle school and high school teacher (math, chemistry, music, filmmaking) and online video production and internet marketing consultant, and Daniel Desatnik, web developer and internet consultant. The site was inspired by an obvious need for youth financial literacy education, as well as by the founders’ personal journeys of financial education and discovery. Both have a passion for teaching young people, and developing fun, interactive websites that can make valuable contributions to our culture.
AllowanceTree.com is available for general sign-up.
AllowanceTree.com won People's Choice award at Startup symposium VatorSplash LA.
AllowanceTree.com won Runner-Up at CrowdFunder.com's CrowdStart LA.
Prof. Sean Flynn, Best-Selling Author, Economics for Dummies and the world's best-selling college economics textbook Economics: Principles, Problems, and Policies:
“What you have created here is AMAZING. At various points in my career, I've been exposed to nearly all of what is out there in terms of teaching K-12 and college kids about personal finance. Among other things, I was once offered the job of being the New York Fed's head of public outreach and in charge of all their financial literacy and educational outreach efforts (including all the really bad comic books you may have seen that they put out.)
I can honestly say that what you have created here is by far the best tool for teaching budgeting and financial responsibility that I have ever seen. Beyond forcing kids to budget, I love the "investing in grades" feature as well as the fact that parents are going to be so intimately involved. There's a lot of talk these days about social media. But to a kid, the most profound social interactions will still likely be those within the home. So the fact that you are involving parents is potentially life changing for these kids.”
“This will make a difference in the life of any kid that uses it regularly.
This will save marriages because one person in the marriage will know how to save.”
"I am so excited to begin using your product to help my son have a better chance at learning early to manage money in a responsible manner, something that if I had learned at his age I might not be in the situation I am now."