Big Kids Allowance App
I think there are many subjects in school that could be replaced with something that every child will need to know in life pretty much every day – money management. Thank goodness for the Busy Kids Allowance App. I remember when my son graduated high school… I was shocked to discover that he didn’t know how to write a check (even though debit cards are more popular these days). He didn’t have much knowledge about the importance of a good credit score or how to go about getting credit. He was unfamiliar with interest rates, mortgages, etc. It left me scratching my head as to why they wouldn’t teach these necessary financial and money management tools that kids will be using daily in their lives.
I really do wish that the Busy Kid app was around when my kids were still in school. It would have been nice to see exactly what chores had been done, what chores remained unfinished, and the price for each chore. Not only would it have been helpful to me, but I’m sure it would have given my kids a big sense of accomplishment as they checked off what they have done. The neat thing is that kids can see their money adding up quickly, and always know what their balance is, by checking the app on their phone, laptop, tablet, etc. Busy Kid app is genius!
This app does so much more than keep track of allowances though!
When the kids have a balance in their account, they can decide what to do with it. They can just get cash if they desire, they can buy stocks, purchase gift cards for themselves or friends, or donate to a charity or church. The Busy Kid App teaches children about work ethic, responsibility and financial education. BusyKid was created to simulate real life so that kids get a feel for what it is like to earn real money and how to make wise decisions they would as a grown-up. Kids get to make the decisions about their money, but payout still needs to be approved by a mom, dad, etc. This happens via text.
This video is great at explaining all that you and your kids can do with the Busy Kid app:
There are some very interesting findings about this:
– The majority of students get less than one semester (if any at all) of financial education in high school, though most require two years of math, two years of science and two years of a foreign language. BusyKid asks the question, name one class you take in high school that you will use what you learn more than what you would learn from personal finance?
– Findings from the Junior Achievement-Jackson Children’s Financial Literacy Survey revealed that 33% of youngsters haven’t been taught how to get or earn money.
The poll of 500 elementary school-aged children and their parents also revealed that 41% of children had not been taught how to spend money. Additionally, nearly half (47%) had not learned how to give money to help people.
– A majority of parents feel more comfortable talking to their kids about sex than money.
– Kids are raised learning about coins and dollars in piggy banks, but then grow up to use plastic, have no knowledge of budgeting and don’t save.
I know there is a debate about whether kids should or shouldn’t get paid for chores. I am all for paying them. In addition to them learning about the value of money, they learn valuable lessons. One is that when you have a responsibility, you follow through. In the real world, just because you don’t feel like doing something (ie work), doesn’t mean you don’t have to do it.
Pro-chores poll results:
– 89% of parents say tying allowance to chores is good training for the real world
– 88% of parents say chores make kids more responsible
– 92% of parents say their kids are more disciplined when doing chores
Of course, there are some adults who don’t necessarily know how to budget their money either. Perhaps their should be the same type of app for adults too!
It’s easy to get started!