5 money management apps to teach your kids about finance
When it comes to financial literacy, it’s best to start your kids off early. Luckily, there are several apps available for tablets and smartphones that can be used to help instill lifelong money management skills in your children. Here are the five best apps to get your kids learning about money management, all while having some fun, too!
Banking gone virtual
Bankaroo, an app available on iOS, Android, Windows, and Amazon platforms, is a great money app for kids. The app is totally free, and kids can create virtual bank accounts to help them understand how to manage their finances. They can stay up to date with available funds, allowances, and savings goals while playing the game. Bankaroo is suitable for kids between the ages of 6 and 11.
Analyze spending habits
Toshl Finance is an app that helps kids visualize what they do with their money within the app. Toshl Finance helps children identify how much money they spend and what they spend it on in the game, all while being linked to a real bank account. It also comes with features such as a tip calculator, currency converter, bill organizer, receipt database, and budget simulator. This app is suitable for kids aged 7 up to teens, with its pro version costing $2.99 per month.
Imagining savings strategies
Savings Spree, available for iOIS, is an app that keeps children ages 7 and up engaged in how to earn, spend, and save money. The app explains concepts like long-term savings, short-term savings, investing, spending risks, and more. Kids earn imaginary money while learning how to avoid losing their savings and making poor imaginary financial decisions.
Saving skills meets ecological responsibility
With Green$treets Unleash the Loot!, kids ages 5 to 8 can learn how to be savvy with their money management skills, all while enhancing their appreciation for the environment. In the game, kids are responsible for rescuing animals. When they plant gardens, pick up trash, and more, the kids are given funds to rescue more animals. Because kids have to figure out a way to pay to rescue animals, this app teaches children how to fund initiatives while helping them maintain a budget, save, and spend money on the right things. Even better, this game is totally free.
Track finances as they age
FamZoo is a very unique app, as it has the capability to incorporate more advanced features as your children get older. In the beginning, kids will use it to track their money in an imaginary bank. As they get older, you can work in other tools, like penalties for missed work, loans, interest on savings, and more. This app is suitable for kids of all ages and costs $5.99 per month.