Long gone are the days of piggy banks teaching us about the rewards of saving money. Apps take the process so much further, with practice sessions on earning, managing, saving and goal setting to help your kids become financially smart. Check out some of the top money apps for children.
Apps help engage your children in financial learning.
Savings Spree, for iOS, is for kids aged about seven years and older. It’s a playful game that explains basic financial concepts, such as how to decide on whether to save, invest, donate or spend. Colourful tutorials demonstrate wise, money-making decisions, in terms of how to grow money.
It’s a great way to open up the conversation with children, with visual aids to teach independent responsibility.
You can set up automatic pocket money payments and allow your children the freedom to make their own (wise) decisions, with Spriggy. This digital wallet offers different accounts accessible for parents and children, with notifications on spending and tips for earning through chores and savings. It’s a great way to open up the conversation with children, with visual aids to teach independent responsibility.
Bankaroo does the job of a piggy bank, in a virtual space where children learn how to budget, save for goals and spend responsibly. It’s designed with kids aged 5 to 13 in mind, with a version also specifically created for use in schools. Once you open a secure account, you can set an allowance, record spending, set goals and save towards them.
If you need to generate interest in finances with older kids who have celebrity crushes, Celebrity Calamity might be the answer. The app features celebrities and their notorious spending habits. The player manages the celebrity’s finances, choosing what they spend money on. Spending within budget is rewarded, while reckless habits amount to huge bills.
Combine chores completed with pocket money owed, in one app.
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You’ll keep track of chores, rewards and associated finances in the one place, with iAllowance. For you, allowances can be scheduled for payment automatically on completion of chores, or deducted if need be. Children can track spending and input goals, as well as saving plans to reach them.
Pennybox claims to help you raise a money genius, by helping your child earn, save and spend pocket money in a practical way. To start, you attach a financial reward to specific chores to be completed and kids tick them off in the app. Children can then track their earnings and learn to save for goals along the way.
Try one or try them all, as an effective way to help your children become financially savvy in a fun, interactive way.