Most of us would agree that teaching kids about personal finance is essential for them as they start to navigate the world. However, it can be a challenge to demonstrate money management skills when kids do not have the actual responsibility just yet. Although, today’s kids are familiar with technology and mobile devices, therefore, learning new skills can be as simple as using an app. There are several money management apps currently available to teach your kids about finance in a fun and interactive way. The following are some of the best ones to use.
FamZoo is a money management app that is not only for children, but for parents as well. Often described as “addicting,” this app allows all members of the family to have fun while participating in a monitored banking atmosphere. FamZoo allows parents to set up a bank account for their kids, and consistently act as the bankers for their children. Prepaid debit cards are used; all chores, allowances, savings and other money-related activities are recorded and analyzed. FamZoo works best for older children in their teens and encourages positive budgeting skills in a fun environment.
Save! The Game
Another money management app for kids that has a lot of buzz is the app named Save! The Game. This app teaches children how to understand the things in their life which they need versus those that they want. Differentiating between the two is essential for learning how to manage one’s money appropriately. Save! allows kids to come to this understanding in a visually-pleasing, three-dimensional game world. Save! The Game provides imaginary money to kids and allows them to collect a certain amount at each level, all dependent on the spending and saving choices they make.
Kids Money is one of the more popular apps for teaching kids financial skills. Parents are encouraged to use the app with their children so they can watch and learn how to manage their money and save appropriately. It allows kids to make a budget and set goals in order to make particular purchases. Kids Money teaches kids about the inputs that go into saving and planning for purchases, demonstrating that the budgeting process requires time and organization. Kids Money is recommended for kids of all ages, since the basic budgeting experience it provides is dependent on what the user puts into it, so it can mature over time with your kids.
Have you ever thought it was possible to have a virtual piggy bank? Enter PiggyBot, the app which provides just that, teaching kids about savings goals. PiggyBot takes the classic piggy bank into the digital world with a virtual account that parents can access, with the option to input allowances and gifts. PiggyBot encourages kids to take pictures of the items that they are planning to purchase so they will remain motivated around their budget. The app was designed for kids between the ages six to eight, but can definitely be used by any child that feels drawn to it.
Designed for kids who are aged seven and older, Savings Spree is an app that uses entertaining and thoughtful visuals in a game that demonstrates the importance of a budget. Savings Spree is said to help promote healthy financial habits in an engaging environment. It has won a Parents’ Choice Award, since kids normally view it as a fun game, while still learning important lessons about savings and managing funds for different purposes at each level of the game.
As soon as children start developing, one of the most important life lessons for them to understand is that the choices they make now will have an impact on their future. This is the case for every aspect of their lives, but possibly the most obvious, when it comes to personal finance. Learning to make important financial decisions, such as saving all of your allowance one week instead of spending it all, affects the purchases they will be able to make in the future. There are a variety of apps that can make these experiences both fun and educational.