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Easy way to teach your kids to manage finances

Easy way to teach your kids to manage finances
© Nagy-bagoly Ilona | Dreamstime.com

Saving money and dealing with finances seems to be a lost art-form these days. Americans are struggling to build on their savings.

A recent study by GOBankingRates showed that 57 percent of Americans have under $1,000 in their savings accounts. Even worse, 39 percent have no savings at all.

One reason this situation is so dire is a lack of financial education. The majority of high school graduates leave school without ever taking a single course on economics or personal finance. That has led to the U.S. ranking 14th globally in financial literacy.

Teaching children how to manage money would be a great way to help reverse this trend. As they say, it's never too early to start preparing for your future. That's where this app can help.

I'm talking about the app, BusyKid.

What is BusyKid?

Think of it as your kid's first job with direct deposit. BusyKid is the first app that helps parents give their kids hands-on, practical experience of how to earn, save, share, spend and invest money wisely.

The app also helps build solid work ethic and time management skills starting at a young age. It's super easy for children between the ages of 5 and 16 to use. The more money they save, the more motivated they seem to get. Watch the following video for a brief description of how it works.

Here are some key BusyKid features:

  • Assign chores and tasks based on age
  • Individual accounts for parents and children
  • Parental activity monitoring
  • Easy to view account balances in save, share and spend areas
  • Automatic paydays every Friday
  • Kids can use allowance to purchase real gift cards
  • BusyKid Visa® Spend Card is available to children of all ages
  • Invest in real stock and follow market activity
  • Use funds to donate to charity

Parents want their children to be responsible and accountable. BusyKid helps build these fundamental characteristics by allowing kids to manage their time, chores and allowance.

The app is free to download and comes with a free 30-day trial. After the free trial period, you will need to enroll in a yearly family subscription of $14.95 per year.

The BusyKid app is currently available for Android gadgets and is expected to be coming soon for Apple. To download the app, click on the link we've provided below inside the blue box.

If you're reading this article using the Komando.com app, you might not see the blue box. If not, click here to see it.

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