This should not sound like a surprise when we tell you that you can teach your kids alot of things from a smartphone. Instead of switching on Youtube and turning on thier favorite cartoon channel, you can help them learn.
How will you do that? There are Apps for Teaching kids how to manage money and yes you can learn a bit from these apps aswell. The apps we have rounded up in this article will help your children with money management skills which will help them in the future.
Teaching kids the value of money and especially how to save money is one of the most important lessons a parent can teach.
We will be highlighting two types of apps in this article as allowance trackers and Debit card-related apps. In addition to teaching kids, the basics of online bank and transferring funds, a skill they’ll need in the future, money-management apps help kids learn how to budget, set savings goals, understand interest rates, and the importance of giving to charity.
Apps for Teaching kids how to manage money
Bankaroo
Bankaroo app can be your kid’s first ‘virtual’ bank account. There’s no actual money in but the account allows them to manage their incoming cash as if they were online banking. Once parents add funds (and only parents can do the adding), kids can use the colorful interface to record expenses, set goals, and earn badges for being savers.
It’s web-based so younger kids don’t need a smartphone (although it’s also available as an app) and for a one-time $5 upgrade to Bankaroo Plus, kids can move money between three accounts ⏤ checking, savings, and charity.
Android app is free to download.
Greenlight
Greenlight is a debit card for kids that parents control from their smartphone. It also offers two other cool features. First, it lets parents divide the cash they give their kids into one of two categories: money that can be spent anywhere and money designated for a specific parent-approved merchant.
Once they run out of ‘anywhere’ money, they get to drink a lot of coffee until their next payday. Of course, parents are notified any time money is spent. And second, you can create parent-paid interest rates to help encourage them to save their money rather than spend it. There are versions of the app for both kids and parents.
Click here to download the Android app.