Being young, our part in budgeting and money went only as far as watching our parents sort out bills on the kitchen table. That was the extent of our interest. So, eventually when we did grow up, we had to learn everything ourselves and sometimes not in a pretty way.
Parents of today have a duty of educating their kids on budgeting and finance early on. Luckily for them, technology is on their side. So, besides using life lessons, they have the assistance of some of the best and most effective budgeting apps available on apps stores. Here are some of them:
Piggybanks used to be one of the most effective sources of saving money. Nowadays, it has evolved and taken the name of PiggyBot. This app allows the children to have a control over their finances without the involvement of their parents or siblings. They can record their allowances, record the sources and determine suitable ways of spending them.
2. Kids Money:
Financial planning is enough to give the best of us a run for our money. Kids of this generation are indeed blessed to have an app like Kids Money which allows them to set financial goals just by sliding their fingers on the screen. Once the kids know what they are planning to buy, the app allows them to plan monthly savings, contributions and every other small step needed to achieve their goals.
3. The Mint:
What better way to teach kids about finance and budget than through some fun games? While playing these games, the kids will learn a good lesson about savings, earnings, spending and even lending. With this app, kids will easily learn about the money management and complex procedures at an early age. So, by the time they reach the age of 15 or 20, they’ll be handling their finances and student loans like a pro.
4. Saving Spree:
This app works with the knowledge kids already have about finances. It begins the learning procedure by first testing the kids with a couple of finance related questions. With this app, kids can learn how saving small amounts of money at a moment can lead to a large amount in the end. With this app, kids will be able to learn how to spend their money wisely, how to achieve short-term financial goals with ease, how to give away money if they want and still end up with enough money at hand to spend at a moment’s notice.
5. Motion Math:
Motion math is more about teaching kids about budgeting their business and managing it in such a way that it only grows from there on. The kids are only given limited pretend money with which they have to buy all the ingredients needed for the baking, yet have enough left to meet the requirements of their customers.
Some of these apps are free of cost, yet some of them could cost you some money. Regardless of this fact, the lessons learned from these apps will help your kids save a lot of money in the future, making investing in these apps worthwhile.