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Gamify Your Kid's Allowance

August 19, 2022

A platform to help digitize the process of giving your child a weekly allowance

The Background

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Lots of kids get some allowance from their parents. Usually, it is in exchange for chores. 

The point is usually to teach kids how to handle their money, and to give them a little bit of freedom. 

But I think technology can make this even more valuable.

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The Idea

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It’s a fact of the world that kids know how to use technology from a super young age now. 

So, I think it’s time that the concept of allowance enters the digital world. 

This idea is for an allowance platform. Here’s how it would work.

First, you would sign up and create an account for your kid. The site would then issue you a debit card that you can give to your kid. This works just like a normal debit card, and the money is taken from their current balance.

So in one sense it’s like a bank for your kid.

But then your kid can also earn money based on things that you set. 

For instance, there might be a learning platform where your kid can learn about math, english, financial literacy, budgeting, foreign languages, etc. And you as the parent could set a “bounty” of $1 for every course that they pass. So they are incentivized to learn.

You could also set up chores. So any time they take out the trash or do the dishes they get some small amount of money.

Alternatively, you could also have a weekly “to do” list that you check off when they complete a chore. And if the chores are not all checked off in a given week, if doesn’t release that week’s allowance. 

Another possibility is to have a “challenge” system where you can have different larger bounties for bigger accomplishments. Things like getting all As, scoring a goal in soccer, etc. 

This system would save you both time and complexity, and also incentivize your child to accomplish the things you outline. Also, it provides a level of abstraction that can be beneficial. If they don’t complete their chores, the system doesn’t give them their money. You won’t be the bad guy, it’s their fault. You can just say that the system’s decision is final.

Giving them access to digital payment methods through this platform will also allow kids to spend money on the things they want that are typically out of reach (like video games, apps, etc).