Apps that Teach your Kids About Personal Finance
You can help your children understand how to save and to budget through the use of a smartphone.
Here are some apps that children can use to help them to save and to learn smart money skills.
Money Savvy Generation, a financial education company created Savings Savvy. This app teaches children important finance skills.
The app has six games, which allows players to earn money where they can then choose to save it or spend in a virtual piggy bank. The goal is to build a nest egg.
As children will have to make decisions on how to save, spend and invest, they will learn the consequences of each money decision they make.
This app uses the idea of the traditional piggy bank. Through the use of PiggyBot children are able to understand how to manage their allowances and are able to visualize the money that their parents give them.
A visual piggy bank works for children as they can see how much of their budget they earn and spend.
This app is a game where children are given the chance to help an endangered animal and learn about finances. Players are given a budget and they will need to decide if they will buy animal food, shelter and toys before the animal is released back into the wild.
The game enables children to create a relationship with the animal and to also budget wisely so they can reach their goal.
Renegade buggies are a fast shopping game that challenges children to save as much money as they can. Kids complete stages in the game where they will then accumulate buggie bucks that they can use to save or invest.
This app uses prepaid credit cards. The parent can create bank accounts where the account will record the child’s giving habits, savings and spending.
FamZoo is also able to keep track of allowances given, purchases, money that has been earned through the child doing chores and any loans that they have given. The app allows parents to have a direct role in teaching kids to be responsible with money.