Best App to Teach Kids about Money
I am always on the look-out for apps that will help teach kids about money and help parents manage allowances. I think that I have come across one that is the perfect set-up for teaching kids. It is called BusyKid.
This application teaches kids the big three:
- Getting paid based on work
It is all run through a cell-phone application. As a parent, you can assign chores as well as money paid for those chores. The child can notify you that the chores are completed. Then money can be transferred to a debit card or gift cards for the child to use which is a pretty cool feature.
The savings feature can go along way in teaching the child about how stocks work. Through the app, the child with your permission can purchase fractional shares of stocks. For example, say they have $10 and they want to purchase a stock that costs $20 a share. They can purchase 1/2 a share.
The online giving section of the app really goes along way to teach the child about the importance of giving. Most importantly, that giving comes first.
The parent can set up ahead of time how much of each dollar goes to each section. At the end of the day, the child knows that they have so much that they can spend after they have given back and saved for their future.
Plus, the app allows for you to bonus money to the child for an extra reward for a job well done.