The present invention provides a method of administering finances via an electronic network. The administrator creates accounts for users that the administrator wants to oversee. The administrator can supply financial parameters to configure the accounts where such financial parameters might include the amount of a recurring weekly allowance payment, an account interest rate, a list of investment instruments that the user would be allowed to transact with. The administrator is able to set interest rates and other financial parameters at their discretion and not subject to prevailing market conditions. The system automatically updates the account to keep track of allowance and interest payments. The system allows the users and administrator to record financial transactions and keep track of and view the user's balance and holdings.