Parenting is anything but easy. I have 4 kids of my own, so I know that first hand. The folks at Current are looking to make things a bit less difficult, however, at least in one major area: the money department.
They’ve released a service that intends to automate both chores and allowance, and it also gives parents a way to manage their kids’ finances, right from within an Android app.
Here’s how it works.
You start out by signing up for an account; you can do that here. You’ll receive your teen’s debit card in the mail, a few days after. Once the Visa arrives, you activate it and link it to your account, and then you’re all set.
The Current app features two experiences: one for parents and one for the kiddos. On the kids’ side, there are three different types of wallets: spending, saving, and giving.
Current for Kids
The Spending Wallet is linked to the debit card, for day-to-day expenses, viewing their allowance and managing chores. The Saving wallet helps kids to put money away for a rainy day. Kids can automate savings through the app’s built-in round-up feature. The Giving Wallet lets kids to donate to thousands of local and national causes and helps to teach empathy.
Current for Parents
The Primary wallet enables parents to make free instant transfers to their kids, which is useful for emergencies and one-off payments. They can also set up and automate allowance, set up and manage chores, limit spending and even block specific merchants and categories. This is especially useful for keeping track of how your child is spending their money. And in today’s world, that’s an absolute necessity.
Current for Families
When used by both parents and children, Current allows families to track spending, saving and giving, and lets them see exactly where the money is going. And you can pause the debit card at any time, should the need arise.
Does Current Charge Any Fees?
Individual accounts can be created for free by anyone over 18, provided that you have a valid U.S. address and Social Security Number. The company absorbs any charges incurred by the process to ensure that creating an account is as painless as possible. Current does not charge any fees for any person to person transaction or transfers to/from Current.
Current charges for Student Accounts; the fees associated with that are:
- $3/month for the 1-year subscription plan (paid upfront $36), free debit card included
- Please note; the cost is per child added to your account.
Seriously though, three bucks a month is nothing for the peace of mind that Current brings to the table. You can also get a free 30-day trial to make sure the service is something you want to continue to use. Your card will be billed after the trial ends for the annual fee unless you decide to cancel beforehand.
If you’d like to give Current a try, hit up the Play Store Widget below to get started.