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
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.
- 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
Ages 5 -14
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.
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
- 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.
- 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.
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
- Track Allowances
- Tick off their chores
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.