The importance of quality money management and overall good financial behavior seems to be growing every day. With market uncertainties and various volatilities in the now globalized world, it is not only adults who are trying to navigate money and financial habits effectively.
In this endeavor, many parents are turning to technology. You see, unlike 30 years ago, when readily available apps on mobile phones were an unthinkable achievement of the modern world, we now have all of this and more at our disposal. Why would we not be using it?
Looking into various apps can get tiring, and reading a ton of online reviews can become boring. If you are looking for the best budgeting app for kids and teens, you’ve come to the right place. We’re here to help you narrow down the choice.
Why parents should teach children about money
Let us start by saying there is no universal answer to when you should start talking to your child on this topic. It is entirely okay if the age you choose for this topic varies from what your neighbors, friends, and colleagues go for with their children.
However, there are numerous benefits to teaching your children how to be well equipped with theoretical and practical knowledge regarding money. Research has repeatedly demonstrated that kids grasp basic money-related concepts by age seven.
Most parents tackle this tricky topic so early to try and set up their children for life. Of course, you don’t want to keep avoiding it until they are adults, as you do not want to make them clueless and confused when tackling real-life adult tasks.
Apps can teach your children good money habits
Education has never been as close and available to us as it is today. Nowadays, we have endless resources to learn from and teach at our fingertips. Instead of explaining everything to them, you can draw help from money, chores, and budgeting apps.
Such apps will help you turn your children into financially savvy individuals. Think about everything from interactive lessons, visual and audio learning, small-scale investment opportunities, savings tips, and tricks to a good understanding of spending.
Such apps, which are gaining more traction by the day, often come attached with a card from which your children can spend money autonomously. Of course, you get a good sense of insight and monitoring, but they are mostly independent in spending.
While this may sound risky initially, remember that your children also need practice. This practice is good, as you are doing it in a well-established and safe environment. Experts also advise leaving room for your kids to make occasional and minor mistakes, as this is a good learning experience.
Best apps to teach kids finances.
How do you choose the best one in a sea of apps that claim they will teach your kids everything they need to know on this matter? Luckily, several apps met expectations and are now reliable sources of knowledge and, thus, industry favorites.
BusyKid
This one is a highly trusted app that merges your kids’ finances with their household chores. The more chores they do, the more they are rewarded. All of this is entirely up to you, and this debit card and the app is also trusted by Visa.
$3.99 a month will teach your kids all about saving, spending, and investing – while giving them a chance to implement said knowledge. Fantastic visuals, excellent lessons, a trusted source, and an affordable solution – this app is a favorite among parents worldwide.
FamZoo
This app is another favorite as a personal finance app for your family and your little ones. It has prepaid debit cards for your family, all connected with this particular app’s use. What it does is promotes good and responsible financial behavior.
For $5.99 a month, it will empower your children to make the best possible financial decisions and have them manage their income successfully.
Conclusion
More and more parents are investing in financial literacy for their children. Regardless of age, conversations on this topic are imperative. These can be well-adapted to your children’s age group and the ability to grasp elementary and complex financial concepts.
