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Wallit was made to help families manage their money and track spending in one place. The free app lets you add multiple family members as users, so everyone is on the same page when it comes to budgeting, saving, spending and sending/receiving money. Wallit even offers cash back on your spending. For more on Wallit and all its features, keep reading.
Wallit Features
To take advantage of all of Wallit’s features, you need to connect at least one checking account and one debit card. Once you have your account set up and your family has been added, you can start managing your family’s finances on one platform, including:
- Monitor family finances. See account balances and history in one place, and easily move money around within the app. That means you can keep an eye on all your children’s spending habits from your Wallit dashboard.
- Establish savings goals. Set family savings goals, like putting money away towards a summer vacation or for a new computer. Once you create a goal, you can share it with your family and view your savings progress from your Wallit dashboard.
- Assign and approve chores. Assign and personalize chores, including task schedule, instructions and more. Once your child finishes a task, they can submit it for approval within the app.
- Set allowances. Set up a weekly allowance for your child or different amounts for each child. Once Saturday rolls around, you’ll need to approve the allowance for the upcoming week.
- Spend on gift cards. Once your child receives their allowance, they can buy digital gift cards from partner retailers and brands from within the app.
You’ll also earn cash back whenever you shop with Wallit, online and in-store. That includes dining, groceries, gas, apparel, footwear, pet supplies and all other purchases you make. Simply link your debit card to the app and pay with it to get cash back.
Bottom Line
Wallit is a great budgeting app for families, with the ability to monitor multiple bank accounts, establish savings goals, set chores, pay allowances and more. It’s free to use, and it offers cash back on all your purchases.
You might also be interested in Kidfund, a social savings app for children. They’re currently offering a $5 welcome bonus.
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