Teaching kids the ins and outs of saving can be challenging, especially if they’re just getting started with their own account and earning money from chores and household tasks. Many banks make saving and money management tasks fun with games and prizes linked to savings goals. You can make money management even more attractive by getting kids to use a budgeting app that teaches them basic skills
Here are a few fun money apps for kids:
This virtual, online piggybank lets kids manage their allowance and expenses from their smartphone. The simple design and easy-to-use format makes it simple for kids to log transactions in a few taps and keep track of their account at a glance. They earn badges for reaching their goals and can set goals for specific items like computer games or sporting accessories. It’s completely free and syncs with smartphones, Kindle devices and laptop computers.
If the kids are working hard to earn their weekly allowance by doing household chores, help them keep track of their earnings and set up chore reminders with the iAllowance app. Kids can set up a weekly allowance or chores with push notifications, and parents can schedule payouts with a few clicks. You can set up an unlimited number of banks for each child and set up individual rewards for kids to ‘cash in’ when they reach their goals.
One of the great things about the Kids Money app is that it helps kids plan for long-term purchases. They answer some very simple questions about how much they need and what their weekly allowance is, and the app calculates the number of weeks it would take to reach the goal. This helps kids learn the value of saving and see the impact of purchases made along the way.
This is a good app for very young kids that are just starting to learn how to handle money. The app gives kids a chance to learn coin names and count coins that fall out of a virtual piggy bank. They will need to use basic math skills to determine how much they have in their bank. This one isn’t free (it costs 99 cents) but can be a great tool for any kindergartner that’s curious about money.
If you’re serious about getting kids to learn about money management at a wee age, check out Porkfolio. This plastic piggybank is wirelessly synced to a mobile device and can accurately track balances and financial activities wherever you are. The pig’s nose lights up when real coins are inserted into it and kids can use the smartphone app to check their balance and set goals. If kids are already used to depositing money into a piggybank, this Internet-enhanced version might make for a great birthday present and a fun and educational experience.
Teaching kids the basics about money management can be easier with a smartphone app. Do you have any favorites? Let us know in the comments below.