So, how many of you have run into the following issues? You established a money jar system for your kids to learn how to budget their allowance — only to realize you never remember to get cash out of the bank (because who uses cash these days?). You sit down to discuss financial responsibility and savings only to find them bored and itching to get back to playing Roblox or Minecraft on their device. If this sounds familiar, you’re not alone. So why not give the old school piggy-bank system a digital upgrade. Use an app to teach your child about financial responsibility.
Here are a couple of the top-rated money apps for kids:
PiggyBot is a fun, easy, award-winning app for kids to track allowance spending and savings. The app also enables kids to see how much more money they need to earn to reach a goal and how long it will take to get there based on their spending and savings habits. This app is designed for kids ages 6 to 8 and helps them understand the concept of goals and rewards.
This app is more appropriate for older children, a child (or teen) who is old enough to open up their own bank account. Bankaroo teaches them basic money tracking and checkbook-balancing skills. The app works like a virtual bank where kids can enter allowances received, set savings goals and report how much they have spent. Parents also have the ability to remove funds (if needed), which isn’t a feature readily available in many allowance apps.
Unlike most allowance apps which are free, iAllowance costs $3.99. However, iAllowance also has some handy features not found in other allowance-tracking apps. iAllowance lets parents send reminder alerts to their kids regarding household chores or other responsibilities. Parents can also set up automatic allowance payouts or add extra rewards when their child meets or exceeds certain goals. If their child wants to spend some of their allowance, parents can simply tap their account to purchase the item and deduct the cost from the child's allowance balance.
FamZoo makes it easy for families to keep track of allowances, chores and other financial-related activities. With this app, parents act as the bankers and can send money to their kids directly. A unique feature of this app compared to others is that everyone in the family is connected, making it easy to transfer funds instantly between family members.
Savings Spree is an app for children ages 7 and up (younger children can play but may need some help from mom and dad). This app is set up like a game where your child can see how their choices either add up to big savings or expenses depending on their choices. Kids accumulate or lose money based on the decisions they make over the course of the game. Kids also learn about the importance of having a rainy day fund available to pay for unexpected events.
Whether your goal is to teach your child about saving money or show them how to better manage their allowance or savings, these kid-friendly money apps can turn the process into a fun learning experience. Curious about other ways to teach your child about fiscal responsibility? Your financial advisor can work with you to come up with some family friendly ideas.
Wood Smith Advisors, a woman-owned Registered Investment Advisor (RIA), is a fee-only financial services firm that partners with its clients to simplify their financial lives. We focus on women, entrepreneurs and individuals with complex financial situations, providing objective and competent advice, education and services to help them develop and build their businesses and reach their financial goals. We can be reached by clicking here.
"Finance Made Simple" blog posts are intended for educational purposes and not for specific advice. Each person’s situation is different. Consult your financial advisor for advice relating to topics discussed.