Money Apps for Kids
Today, kids are growing up in a completely digital environment, spending much of their time on a multitude of devices like smartphones, iPads, and computers. So, when it comes to teaching them about money, why not teach them where they’re learning; on the internet. Here are some parent-approved apps that can help them learn, while having fun.
Saving Spree, for ages 6+, is an engaging and educational game that is in the format of a game show. Kids learn how the choices they make can lead to big savings or big expenses. It teaches them how they can save money for short term goals, manage money wisely, donate to good causes and invest for their financial future and goals. And did we mention, it’s fun?
Bankaroo, for kids 5-11, was created by an 11-old who wanted to track her money and allowance--talk about financially savvy! It’s a virtual bank for kids. It aims to teach both kids and parents about the value of money and how to manage allowance, gifts and chore money.
Piggy Bot, for ages 6+, is virtual piggy bank, but instead of cash, your children have an account with you, similar to an I.O.U. Both parents and children get the app. Kids have different accounts, like Spend-It, Share-It or Save-It. Parents allocate a child’s allowance to one of these accounts. If extra chores get done—the payment goes right into whatever account they want. No more trying to keep track in your head, the app does it all.
Smarty Pig is great for pre-teens and teens just starting to learn about finances in the real world. Users input money goals and then update their progress. What’s unique about this app is that Smarty Pig allows other users who have the app to contribute toward friends and family members' goals.
IAllowance, like Smarty Pig, is a money-tracking app, but it’s geared to the more mature teen. IAllowance creates a platform for parents/guardians and teens to work together on money management habits and applications.
myMoney, is NECU’s Personal Financial Management Tool that is free to members with a checking account, including student accounts. myMoney lets your child track their funds, categorize spending, create budgets and spending goals. This tool can be accessed through NECU’s Mobile Banking app.
Teaching kids about anything is most successful when you speak their language. Today, that means adding a digital component to the one-on-one communication you have with your child.