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Instilling Financial Literacy: The Best Budgeting, Allowance, and Finance Apps for Kids
- Mario Vasquez
- Nov 22, 2023
- 4 min read
Financial apps for kids is the subject I receive questions about the most, which is why I chose it as the topic for today's blog post. Luckily, there's a plethora of budgeting, allowance, and finance apps designed specifically for kids. These apps make learning about finances fun and instill valuable lessons that will last a lifetime. In this blog post, we'll explore some of the best apps in each category: chores and allowance, credit card integration, and free apps. This is by no means a complete list of available apps. These are some of the ones I recommend, depending on the features you are looking for and the budget you are working within. I am not affiliated with any of these apps and do not receive payment from them for making these recommendations. Having said that, I recommend the paid apps over the free apps. Most paid apps also have free versions, but you must get the paid version to tap into the best features.
Chores and Allowance Features: BusyKid
BusyKid takes the concept of chores and allowance to the next level by seamlessly integrating them into a financial ecosystem. Parents can assign tasks, set monetary values, and directly link these to allowances. This app has the best chore schedule, automatically paying the correct allowance based on completed chores. This teaches children the value of hard work and instills a sense of responsibility. BusyKid also allows kids to invest some of their earnings, introducing them to basic investment concepts, which is an added feature that I love. You can link this to a debit card, have access to cash through ATMs and is Apple Pay/Google Pay compatible. The app is currently available for a 30-day free trial, then $48 annually, making it an affordable solution for households with multiple children.
Honorable Mentions (chores and allowance features):
Chores & Allowance Bot, which currently has a one-week free trial followed by an annual fee of $24.99.
iAllowance for a one-time purchase of $2.99, making it a cost-effective choice for families. They offer a "lite" version for free, but I recommend the paid version, especially since it is a one-time fee...not a monthly fee.
Credit Card Linked to App: Greenlight Kids & Teen Banking
For parents looking to introduce their kids to the concept of credit cards, Greenlight is the go-to choice. This also happens to be the app I get specifically asked about the most. Greenlight provides a secure platform for parents to link an actual debit card to their child's account. Parents can set spending limits, choose specific stores where the card can be used, and monitor transactions in real time. This hands-on approach to managing a "real" card educates kids about responsible spending. Greenlight has a monthly subscription fee of $4.99 per family for its core plan, making it a worthwhile investment in your child's financial education. They offer two higher-tier subscriptions of $9.98 per month and $14.98 per month, which come with added perks and higher savings rates.
Honorable Mentions (credit card linked to app):
GoHenry for $4.99 per month per kid.
Copper - Kids & Teens Banking for $4.95 per month or $7.95 per month for an upgraded version that includes investing, priority support and a higher interest rate on savings.
Free Apps: Kiddie Kredit
This app combines educational content with a unique approach to teaching kids about credit. Kiddie Kredit introduces the concept of a "credit score" to children in an accessible and engaging way. The app encourages responsible behavior by awarding points for completing tasks and demonstrating good financial habits. As children earn points, they can see their virtual credit score rise, teaching them about the connection between responsible actions and positive credit early on. The app also has educational modules covering various aspects of personal finance, making it a valuable resource for parents who want a well-rounded financial education for their children. Kiddie Kredit is free to use, making it an inclusive option for families seeking a comprehensive financial learning experience without financial barriers. The downside with this app is that it doesn't link to your bank or transfer money to your kids.
Honorable Mention (free apps):
Step: Build Credit Get Rewards (doesn't have a chore/allowance feature, but parents can quickly transfer money to their kids' accounts and see their kids' transactions).
Teaching children about money management is an essential aspect of their education, and these budgeting, allowance, and finance apps make the process engaging and educational. Whether you're looking for an overall comprehensive experience, an app focused on chores and allowances, or a platform introducing credit card concepts, these apps cater to various needs. Choose the one that best fits your family's requirements and set your child on the path to financial literacy.
For an even deeper dive into the world of instilling good money habits in your children, don't forget to check out Mario Vasquez's book, "Teaching Kids Good Money Habits." The book is packed with valuable insights and practical tips, which makes it an excellent companion to these apps, providing a holistic approach to fostering financial literacy in your family. Empower your children with the knowledge they need for a secure financial future by combining the hands-on experience from these apps with the expert guidance found in "Teaching Kids Good Money Habits." Happy parenting and happy saving!
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