Money App For Kids
You are never too young to start learning about money. Kids spend a lot of their time playing with apps so you may as well try and sneak in a money app for kids for them to learn something from. While money management may not be at the top of your priority list, there’s no reason why they can’t learn how to be frugal from a young age and put that pocket money to good use. With this said, if you’re looking for a fun money app for kids, here are six of the best that are available to you at the moment!
Money App For Kids: Top 6
1. PiggyBot
If your kid loves putting money into a piggybank, they are sure to love this digitized experience with this money app for kids! PiggyBot allows users to see exactly how much they have in their savings account while also keeping track of their allowances. You can set up a virtual account with a PIN using a smartphone app and parents can gift their kids money or send an allowance through the app. Kids are also able to set financial goals and take pictures of things they want to stay motivated.
2. FamZoo
Another money app for kids that the whole family can get behind. FamZoo makes it super easy to keep track of allowances, chores as well as other money-related activities. Parents play the role of bankers, sending money to their kids directly. One of the USPs of this money app for kids is that everyone in the family is connected. This makes it easy to move money between family members instantly. It can also be useful for teaching kids some very basic money management and budgeting skills, putting them in the money saving mindset.
3. Savings Spree
For those whose kids have an entrepreneurial spirit or are eager to save for their wish-list items, get them onto the Savings Spree app to learn some smart money lessons. This money app for kids is designed for ages 7 and up and is set up like a game in which kids can see how even small costs add up over the course of a year. Savings Spree also demonstrates the importance of having a rainy day fund.
4. Chores & Allowance Bot
For kids who are old enough to earn an allowance for completing chores, this money app for kids lets them keep track of all the chores they need to complete to earn different rewards. The bot is set up so that the family can manage all chores in one place, tracking who has completed their chores and who has therefore earned their allowance. It can be useful for keeping children motivated to do those pesky chores, and parents can also choose to add rewards and punishments along the way. Kids are able to also keep track of their savings accounts and how much they are spending.
5. Bankaroo
If your child is old enough to open up their own bank account – or are just eager to get started – teach them basic money tracking and checkbook-balancing skills with Bankaroo. The money app for kids is essentially a virtual bank where kids can enter allowances received, set savings goals and report how much they have spent. Parents can also send gifts directly through the app.
6. Green$treets: Unleash the Loot
This one is more of a game for kids. Kids enter the magical town of Green$treets by rescuing endangered animals! They can earn money by planting a beautiful garden, or by tossing items in the treehouse using a catapult and keeping ShmootzTM, the gooey monster from ruining all the fun! The best thing about this money app for kids is that they don’t even realize they’re learning essential money and math skills. They learn how to set goals, budget, earn money, make decisions and give to charity.
Why is a money app for kids so important?
Research by the University of Cambridge in the UK reveals children as young as seven years old have an understanding of basic concepts related to finance. Talking about money isn’t always easy, though, particularly for struggling families. Money management can be a somewhat stressful topic, making parents want to protect their children from the realities of financial worries.
However, recently, there has been an increase in financial conversations. Salary transparency is becoming more common in the workforce. Personal finance publishers are continuously popping up to educate and empower consumers. And of course, money apps for kids are being developed to teach them money basics through simple tasks or games.
Here are a few additional reasons why a money app for kids is important:
Learning about money at a young age makes moving on to more complex financial concepts later easier - For example, something as simple as using a credit card relies on the concept that the card represents, but is not actually money.
Your child needs to use money skills sooner than you might think - Your kids will see and ask for things in the shop at a very young age, and even if you give them their own money, they can’t use it on their own to make a purchase unless they know how the money works. A lot of schools usually don’t teach finance-related courses until middle or high school, so it’s best to give them a head start.
Inflation is real - Inflation is a fact of life and the sad reality is your kids will have to pay more for things like food and rent. Knowing how to budget and prepare your kids for this is crucial.
