The 8 Apps To Make Kids Save Money
Make kids save money with money apps. As kids handling money we often pose this question as at what age should a child know the value of saving and spending wisely. Teaching kids sound financial habits at an early age gives them the opportunity to be successful when they are an adult.
Warren Buffet the famous Billionaires in the World shares his advice with kids as part of his Secret Millionaires Club-
“I think parents need to start teaching kids about the importance of managing money at an early age. Sometimes parents wait until their kids are in their teens before they start talking about managing money when they could be starting when their kids are in preschool”. Secret Millionaires Club can help kids develop the right habits that will serve them well for the rest of their life. If this program can have some effect on youngsters and help them develop better habits on money, it can have a major impact on their life when they are older.
He further adds, “My dad was my greatest inspiration. He was my hero when I was 6 and he is still my hero now. He is an inspiration to me in every way. What I learned at an early age from him was to have the right habits early. Savings was an important lesson he taught. I had all kinds of small businesses when I was growing up. When I was 6, I started my first business. I bought a six-pack of Coke for 25 cents and sold the cans for a nickel apiece. I also sold magazines and gum door to door.
But not all dad’s in the world are like Warren Buffet’s. Most of our parents have an attitude that their child will understand the value of money by its own.
Also basic A-B-C of “Finance” is not taught in schools. The fact is there is no class at school level to teach kids about money and its aspects.
It is important for next generation to avoid the mistakes of their elders, and to live financially fit lives, they need to be taught the essentials about money,” says Beth Kobliner, author of the New York Times bestseller Get a Financial Life, and a member of the President’s Advisory Council on Financial Capability who spearheaded the creation of Money as You Grow, which offers age-appropriate money lessons for children.
“The sooner parents start taking advantage of everyday teachable money moments (for example, give a six-year-old $2 and let her choose which fruit to buy), the better off our kids will be. Parents are the number one influence on their children’s financial behaviors, so it’s up to us to raise a generation of mindful consumers, investors, savers, and givers.”
Many studies show most Americans agree financial education is a good thing, yet it is not taught in most schools and make kids save money.
These are the fundamental responsibility to make kids save money that we as parents, teachers and government policy makers need to understand.
At home when we hand over the piggy bank to make kids save money to drop in a coin, we should also make use of our smartphones to help kids understand the digital piggybank which can teach kids lot about money and its saving. These mobile apps can help kids raise questions for parents to discuss about saving and budgeting. They are fun filled gaming type apps which all kids will surely love to have.
Make Kids Save Money With Money Saving Apps
Below find such kinda apps that make kids save money and teach them to learn smart money skills.
1. Savings Spree($5.99)
Recommended ages: 7 and up
Developed by financial education company Money Savvy Generation, Savings Spree is best to make kids save money and teaches children important finance skills. The app has six games that allow kids to earn money and either save it or spend it in a virtual piggy bank, with the goal of building a nest egg. It’s an interactive app that actually allows the kids to frost the cupcakes, so they can see there is an action required to earn the money. By making decisions on how to save, spend and invest their money, children learn the consequences of each money decision.
2. FamZoo(Free)
Recommended ages: 6 to 18
FamZoo helps kids, teens, and parents develop good personal finance habits make kids save money without the hassle. FamZoo is a collection of prepaid cards for your family. The cards are linked together by their award-winning app filled with family finance features that reinforce good money habits.
Sign up for a free trial by visiting FamZoo.com in your browser using any device. Register your family and order your prepaid cards or set up your IOU accounts in just minutes. No credit check required. Easy online verification. After initial setup, your registered family members can use this app or any browser (mobile or desktop) to access FamZoo anytime, anywhere.
3. iAllowance
Recommended ages: 5 to 8
iAllowance may look simple at first glance – the bookshelves and chalkboard make this app very approachable. However, iAllowance is a powerful family finance management make kids save money system, allowing you to set up scheduled payouts, deduct expenditures, and show category totals – even search for a specific transaction!
iAllowance is the only thing you need to manage your child’s finances and teach him or her about saving and spending money. Whether you want to set up a weekly allowance or pay out a special reward, iAllowance handles everything for you with an eye-pleasing and easy-to-use interface.
4. Chores and Allowance Bet(Free)
Recommended ages: 6 to 11
Chores & Allowance Bot is an easy, fun, to make kids save money, and super versatile way to keep track of your family’s chores, allowances, and savings goals.
With Chores & Allowance Bot, children won’t lose or misplace paper money and you won’t have to keep track of allowances and chores by hand. Teach your children about saving, spending, and earning money towards goals through work and good behavior.
Chores & Allowance Bot will automatically keep your whole family’s chores and allowances in sync across all your devices. With this app you can create a daily, weekly, or monthly allowance for each child. A different allowance amount can be setup for each child. It’s easy to assign chores to multiple children. Each chore can be a one time chore, or repeated on a daily, weekly, or monthly chores schedule.
Chores can be required for allowance, reward, or up-for-grabs. Reward chores pay a specific reward each time the chore is done. Up-for-grabs chores also pay a reward, but the chore can only be done by one child on each day it is assigned. Chores can be rotated between multiple children. There is an option to keep chores in a child’s to do list for extra days if it is not done. Kids can receive chore reminders without having to open the app and parents can send reminders to their kids at any time.
5. Green Light(Free)
Recommended ages: 13 and older. Parents may track purchases for children under 13
Greenlight is the loved, trusted banking app and debit card to make kids save money and teens — with an educational investing platform and safety features for the whole family. In the app, kids and parents create their own logins with two different experiences.
Greenlight account also includes three accounts in one—spend, save, and give, so you can teach kids valuable lessons about how to allocate money.
On the allowance front, there’s a helpful in-app digital chore board, and an allowance “autopilot” or set-it-and-forget-it feature that allows parents to schedule weekly or monthly allowance transfers.
Also noteworthy, with Greenlight, your child can use Apple Pay (if they are 13 or older) and Google Pay (for those 16 and older). Finally, if you don’t mind paying a fee, there are upgraded versions of the app—the Greenlight Max and Greenlight + Invest plans. Unlike most of the other apps on this list, these premium Greenlight options offer a brokerage account owned by the parent, but designed for your children to learn about investing, with parents approving every trade.
6. Bankaroo(free)
Recommended Ages 5–13
Bankaroo is a virtual bank that helps kids keep track of their allowance and other money. The app was created by an 11-year-old Danielle who realized firsthand how important it was to track her cash after wanting to buy something she saw in a store only to have her dad remind her she’d already burned through her allowance.
Kids enter their virtual allowance amount, set goals for things they want to save for, and debit any funds they’ve spent. Parents can make one-time virtual gifts, schedule allowance payments or match their child’s savings.
As a parent you can keep track of your kids’ balance on the go, add and use funds anywhere you are. The bankaroo service supports accounts in multiple languages and currencies, including USD, Euro, hearts, stars, points and many more.
7. My Monii(free)
Recommended Ages 5 and more
The best financial app for children, teens, and their families! Keep track of your money, and get a clear overview of how you earn, save, and spend your money.
MyMonii – The best financial app for children, teens, and their families. Keep track of your money, and get a clear overview of how you earn, save, and spend your money. The app is currently available in English, German and Danish.
At MyMonii, when children and teens are given the responsibility for their own finances, it helps them to build a healthy relationship with money.
Today, young people are exposed to many more temptations than before and they have the opportunity to shop 24/7. For that reason, it is even more important to learn about saving up for something you want and understand that you cannot buy everything you want. You have to prioritize and wait until you have saved up. That skill is great to learn at an early age.
8. The Game of Life($4.99)
Recommended Ages: 7 and more
This brightly designed Game of Life app focuses on budgeting, saving and making big purchases in life like college and a house learning starts quite early here. It covers all the life’s important stages when you need money, education, house, wedding and retirement. Kids can add your friends in this game and track each other’s events. Save money or spend in charity it is all these important decisions that kid’s learn to take and maintain a balance.
To play games with coupon codes is also a way to save money.
Remember we can’t rely on apps alone to teach kids everything they need to know about money, Apps act as only one part of a solid financial education that should start as early as age five. It is important as a parent to teach kids with day to day practical examples and real moments taking time out and talking with them about money. Do you own your responsibility of teaching your kid about money? Or are you still waiting for their right age? How about starting at once and making them do themselves their physical bank transaction?