Homey - Chores and rewards app enables parents to transfer allowance to kids' bank accounts

HomeyLabs, startup that developed an app to help families organize and connect, just launched a new version of Homey - Chores and Rewards, that now enables parents to transfer allowance to child's checking or savings account.
MEMPHIS, Tenn. - April 26, 2017 - PRLog -- Homey teaches kids the value of work and financial responsibility through household chores. It allows parents to assign chores and transfer allowance directly to kids bank accounts. Homey is available on App Store (https://itunes.apple.com/app/homey-chores-and-rewards/id1033286805) and Google Play (https://play.google.com/store/apps/details?id=com.homey.app) for free with a premium subscription version for $3.99 available for upgrade in the app.

HomeyLabs built the app to help families track and reward chores, something that most families use chore charts or paper notes. Each week, kids spend on average 6.2 hours on chores and parents on average spend $65 per month per child on allowance, translating to $780 a year.  89% of parents who give allowance require their kids to do chores for that money. Paper chore charts and post-it notes are losing its efficiency and given that 61% of kids age 11 now have their own smart devices, and 57% of children now have bank accounts opened in their name, Homey makes it easy to track both chores and payouts for parents and children.

Besides transferring allowance, features of the app include setting goals - short, medium and long term - that kids can work towards by doing chores. Goals can be allowance, extra money, new toys kids wish for, products or activities. Homey shows them their progress and reminds them of their goals, so they stay motivated to keep working towards them. To start the conversation about appropriate goals Homey allows kids to add items to their wishlist. Parents can then approve those wishes if they decide and set the values for them - so kids realize how long they'll need to work to earn those things.

There's also the chore management system that's at the heart of Homey. It allows parents to decide whether a chore is a responsibility kids won't get paid for or a job that leads to money or other rewards. Parents can assign chores to the whole family (even for themselves, so they don't forget), set recurrence, due times, pictures and values. Parents can also give older or more responsible kids the option to add their own chores or even add chores for them - kids can then use Homey to let their parents know the lightbulb in their bathroom needs changing or they'll need shirts ironed before next Wednesday.

Homeylabs was founded by Saso Pompe, a developer and economist, and Sanja Zepan, a communicologist. Homey team participated in Start Co accelerator in Memphis and have managed to grow their user base to more than 35.000 users across the US.

Additional information available on www.homeyapp.net and info@homeyapp.net.

HomeyLabs Inc
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Tags:Fintech, Chores, Allowance
Location:Memphis - Tennessee - United States
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