Allowance 2.0: Now your parents can prepay your in-app purchases with Oink
Ever just want to buy this app and that song…and that song? Or, do you want to shop online for, say, prom accessories? If your smart phone is hooked up to your parent’s credit cards, they’re the money holder, which can cause complications. What if there was an awesome, safe and easy way to shop using your own money?
Finally, there is — yay! Oink (we like the piggy bank reference) is here to solve those issues. With this new tool, teens can learn how to be independent from their parents’ wallets by having their very own prepaid card. With the Oink card (you can use it to shop in-store or online) or mobile app, teens can spend money wisely, save money and even donate to charity. Not to mention, the Oink app is packed with a bunch of vendors, like Urban Outfitters and American Eagle, that offer Oink-exclusive discounts and savings.
How does it work? Oink allows parents to load money into a digital wallet, basically. Teens can then spend the money in their Oink account freely, or they can set up a budget and spend from Oink what they allow themselves to spend. It’s actually a really great way to learn how to figure out how much you want to spend, how much you actually spend and how much you want to save. The best part is that parents are able to upload the money into Oink as part of a weekly or monthly allowance system, so they can work directly with you on your financial plan and — ahem — not get hit with any unexpected charges.
We think learning to balance a financial account is a smart way to gain a sense of independence, especially if you’re preparing to save for a trip, buy yourself something special for graduation or move off to college.