Thursday, 13 December 2012

5 Best Apps to Teach your Kids about Money

For kids, it’s important to start learning about money at a young age, in order to be prepared and competent in dealing with finances. There are many ways parents can begin to teach kids about the value of earning and saving, and technology brings many new, fun and exciting methods to kids’ fingertips.

We’ve assembled a list of the top 5 must-see apps to explore with your children, to help kick-start their money-management education.

Savings Spree

Savings Spree is an award winning game show style game for kids. The lovable host, “Money Savvy Pig” [a money-smart pig], guides players through six rounds of questions all about spending, saving and earning.

Savings Spree focuses on teaching children how to manage money through a fun, interactive, playtime medium. It educates kids on how the choices they make effect savings and expenditure. It teaches about earning, saving money, spending wisely, donating money and even investing it for long-term goals. It also incorporates the cautionary message that sometimes your savings can be affected by factors beyond your control, highlighting the importance of having money saved to cover unforeseen circumstances.

A+ Allowance

This is a free app with an emphasis on teaching kids about earning an allowance in return for carrying out tasks.

Parents can assign weekly chores to their child, and decide how much the child can earn toward his/her allowance for each task. They can also choose to add additional chores as and when needed.

Kids can then use the app to see what chores need to be done, check off each day once tasks are completed, and see how much has been earned each day and overall. It even sections weekly earnings into a suggested budget – allowing 70% for personal spending and dividing the remaining 30% into giving, investing and saving.

P2K Money

P2K Money is an app that helps parents teach kids the importance of the choices they make with their money. It tracks income and expenses, gives an overview of all money saved, and has a wish list feature that kids can use to save toward a goal. You can even add a picture of a wish list item. It also keeps track of all the wish list items that have been purchased thus far, highlighting the tangible value of saving toward a goal.

It’s a simple app with customizable backgrounds, an intuitive interface, and it’s free.

Bank of Mom

Bank of Mom has been receiving kudos all around the virtual world, having achieved “#1 in Finance apps” and an appearance in “New and Noteworthy” on iTunes, as well as rave reviews on many blogs.

Bank of Mom is an app that introduces the abstract concept of electronically managed money to kids at an early age, allowing them to grasp the idea of possessing money without having it in their hands. It prepares kids with the skills and understanding they will need to use online banking and other virtual finance systems like EFTPOS or online investments.

Through the app, parents can create multiple accounts and work with their child to manage their income and transactions, in much the same way they would interact with an online banking system.

Tykoon

Tykoon is a money management app that tracks income and expenditure, with the added possibilities of contributing directly to charities and making actual purchases online. It also incorporates non-monetary rewards for chores, like earning time on the computer or TV.

Savings goals can be customized to suit different financial values, and it has a thorough system for creating and following budgets. It has safe and secure parental control features, and can be used by multiple members of the family.

With so many apps available with great features and exciting interfaces to keep kids interested and parents involved, there’s no reason to delay introducing your kids to good financial practices.

If you get an early start and teach your kids about the financial world at a young age, when it comes to investing in the stock market, managing a credit card through a bank or applying for debt consolidation loans through a company like Fox Symes, nothing will seem daunting to them.

Tara is a personal finance, business and travel writer from Brisbane, Australia. She says that apps are a great way to tech your kids about the value of money, but if you are experiencing problems with mounting debt, Tara recommends investigating Fox Symes debt consolidation loans as a possible solution to your problem.



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