Let’s face it Money can be a make or break. As we grow most of the decisions we make are influenced by Money. It determines where you leave, what you drive, where your kids go to school, who to marry, and more. Money by itself is good but it depends on whose hand it is, It has destroyed some and It has build others and the great determiner is the foundation one got from home on how to relate and manage money. I am hoping that this article ‘ 5Best Apps to Teach Kids Money Management’ will help parents and parents to be, to be Intentional about ensuring that their kids develop a healthy relationship with money.
We are living in a digital age, an age with a lot of challenges but also loads of opportunities and some of such opportunities that we are not aware of are plenty of Apps that can help us teach kids how to earn, spend, save, manage and give to charity. Within this article I will be covering the best apps you can use to teach your kids about money skills.
1.Peter Pig’s Money Counter
Age : 5-8
Cost :Free
The APP is easily downloadable in Google store, it includes three interactive games, fun facts about money, savings tips, a trip to the virtual store. The games are divided into levels of difficulty – Easy, Medium, Or Hard accommodating kids who are just starting.
Kids learn:
- To buy within a set budget
- Count and sort coins
- Set money aside for savings
- Rewards for good saving habits.
- Learn fun facts about money and tips for saving.
- Save first and spend second
2.Bankaroo
Ages 5 -14
Cost: Free
It is a virtual bank account for kids where kids can track their savings, expenses it also helps them manage their allowance, gifts, and chore money. It was created in 2011 by 11-year-old Dani, intending to make kids around the world manage their funds and become money-smart.
Kids will learn:
- How to budget
- Save for their short and long term purchases
- Spend responsibly
What can kids do with bankaroo
- They can set goals
- Log usage of funds towards goals
- Track past activities
- check their account balance
- See past transactions.
3.PiggyBot
Age 6+
Cost: Free
It is an allowance app that helps kids spend, share, and save smart.it is a fun and easy way to track allowance saving and spending. It helps both parents and kids not to miss or forget an allowance.
It allows a child to have a Spend-It, Share-It, and Save-It accounts and the parent together with a child will decide how the allowance should be allocated.
Piggy Bot empowers families with tools to talk about saving, spending, and sharing.
What can kids do and learn with Piggy Bot
- Save
- Spend
- Share
- Track their allowance
Piggy Bot serves as a digital IOU Between the parents and kids, there is no physical cash exchange. Parents receive notifications as reminders to pay the allowances, kids log in to claim them. When the amount matches the set goal, the parent can make one trip to the ATM.
4.Savings Spree
Age: 6+
Cost: $5.99
- Savings spree is a game that teaches kids the value of money
- What can kids do and learn with saving spree
- Kids will be inspired to think about how to make money
- They will learn to make money related choices
- Choices determine our financial future
- Financial choices directly impact our short term and longterm goals
- Teaches kids that money is under their control not the other way round.
5. iAllowance
Age: 4+
Cost :$2.99
iAllowance is a family finance management system. It remains one of the best apps to track and motivate kids to do their chores. It is said that over 5 million chores have been completed and over 10 million allowances paid through iAllowance.
Parents can use it to track chores and allowances for all the kids, there is no limit to the number of kids you can setup.
It can be easily sync with Dropbox to ensure that data is secured
- What can kids do with iAllowance
- Earn
- Save
- Spend
- Track Allowances
- Tick off their chores
Final Thoughts
It should be every parent’s clear intention to raise mindful consumers savers ,investors and philanthropists”. Not far off in history, we used to rely on piggy banks to teach money skills at home and I believe that many families still use this method. But we are almost in what is called a cashless generation, understanding this should help us to adapt and find relevant ways and means to teach the same concepts.
Money might change form but its value and impact remain.
Teaching kids about money management is very fun and interesting. And also necessary, to me, as not only do they learn how to manage money, they also get to learn about how money influences day to day activities. Haven checked out the apps you mentioned above, I am of the opinion that they are really great learning app for kids. But I like the Saving Spree app more than the rest.
Hey Kelvin
Thank you for stopping by The Incredible Boy
I fully agree its important that kids learn about how money influences daily activities. That will prevent unnecessary demands that usually frustrates the parents.
I love love love that you have covered this, including so many digital options to teach kids. Let’s face it, the “piggy bank on the shelf”, into which you put actual coins, will not be the future of today’s children. They will live in an age in which cash might not even be used that often. So using tools that will combine the aspects of saving and spending wisely with the digital age is terrific.
Hi Marsha
Thank you for stopping by The Incredible Boy
You have captured it so beautifully ‘they will live in an age in which cash might not even be used that often.So using tools that will combine the aspects of saving and spending
wisely with the digital age is terrific’.
Thank you
It’s very good to teach kids how to manage money and be resourceful right from young do that when they grow old they’ll be able to know how to manage their finances and also take care of themselves when they have less of cash to manage with. These apps are really good and I like the fact that they are easy.
Hey J
Thank you for stopping by The Incredible Boy
Lets go ahead and raise a generation of mindful consumers , investors, savers and givers. It is all upon us and this great apps are here to help us
Yes we need to teach our kids about money. They need to develop a healthy relationship with money from a very young age. If you want to start teaching them when they are already teens that will be too late and they will resist. The Apps you have reviewed are all great for children. Teaching them about budgeting, saving and spending responsibly. I wish we had these when we were growing up.
Hey Energy
Thank you for stopping by The Incredible Boy
I concur that waiting until they are teens might be too late. Lets start making them money smart as soon as possible. Teaching them about budgeting, saving and spending responsibly will surely save them from a lot of financial mistakes as adults.
Money is literally what makes the world go around and the need can never be overemphasized, learning how to handle it at a young age will really be helpful and very vital, this app suggestion was everything for me. I immediately downloaded all and also recommended it to my sister so she can use it for her children
Hey Collins
Teaching them about budgeting, saving and spending responsibly
Yes Money makes the world go around. Lets teach them while they are young. Money lessons can make or break their adulthood . This money smart apps are great tools .
Yes Yes and Yes again, we don not see enough of these types of posts around. The children are our future and their future needs to be heavily invested in. Teaching children money management from an early age, in my eyes, is crucial. Not only the management side of things also the VALUE of it. So so important. Although it’s getting ever increasingly difficult to do these days with world changing as quickly as it is.
Thank you for this. I hope a lot people read this and take head.
All the best
Rob
Great to have you Rob over at The Incredible Boy.
The rapid change of things is a great concern, lets do our part to teach them and hope they will adapt as they grow with this fast changes.