5 Best Apps For Teaching Kids To Manage Money

All too many kids go off to college only to realize that they have no idea how to manage money. An early understanding of important financial concepts, such as saving and earning, can give your child a fiscal head start. These five apps turn money management education into a fun game.
how to teach kids money skills

Kids Money

Kids Money helps children understand the importance of saving and teaches them how to reach their financial goals. The app works by having the child choose an item they would like to buy and teaching the best techniques for saving the required funds. Bright, colorful graphics make it fun for kids to input allowance, gifts and any extra income. The app calculates how long it will take them to save the needed money at their current rate of income. After the item is purchased, kids can always go back and look at it to see which method of savings worked best.

Save! The Game

This app functions like a high-resolution video game. Children will learn how to navigate the dangerous lands of finances in an educational adventure. Money can be collected through gifts and paydays. Dangers to avoid are impulse purchases such as soda, useless toys and junk food. Children can only advance levels in this game by taking money to the bank. The longer the money stays in the bank, the more points are awarded. This is the perfect game for all ages from toddlers to older children.

Bankaroo

This app was created by kids for kids. The young girl who devised Bunkaroo was tired of never quite knowing how much of her allowance was left. She proposed to her father that they make a game out of it, and an app was born. Children can track their finances by recording income, expenditures and savings in the form of fun graphic representations. Certain achievement badges are awarded for significant accomplishments. A detailed breakdown allows children to see exactly where their money is going and reminds them of upcoming expenses. Parents have the option of adding gifts to their kid’s Bankaroo account.

Tykoon

When children are denied desired items, they often don’t understand the reasoning behind the decision. Teach your children to make their own decisions with the use of this app. Children get their very own account over which they have charge. They can save the money, spend it on Amazon or donate it to charity. An app feature teaches your kids to learn how to decipher product reviews. You can set up a list of chores that adds money to the account on completion. Parental controls allow you to manage Internet connections.

Chore Bank

This app allows a realistic bank experience for your child long before they open their first checking account. Money is deposited into their personal bank account as they complete assigned household chores. As chores are checked off the list, children have the joy of watching the money in their account multiply. Children have the option to withdraw their money to spend on whatever they choose, or they can leave the money in their account. Parents can set an interest rate for saved funds. This feature teaches children the value of saving money. The app provides a list of chore ideas for the child who wants to earn the maximum amount of money.

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Hank Nettles is a corporate accountant and guest author at Accounting-Degree.org, where he contributed to the guide to the Best Online Masters in Accounting Degree Programs.