Studies show that parents tend to feel awkward when it comes to talking to their kids about money and finances. Although the best way for kids to learn financial skills is to handle real money, apps provide an opportunity for parents to discuss saving and budgeting with their kids. Here are a few great apps to teach your kids money skills to help you get started.
7 Apps to Teach Your Kids Money Skills
1. PiggyBot – This app moves the piggy bank into a digital format. PiggyBot gives kids a direct role in managing their allowance and gives them a visual of how much money they have. Kids are able to see exactly how much of their budget they earn and spend. It’s free and available only on iOS devices. Recommended for kids ages 6 to 8.
2. Green$treets: Unleash the Loot! – Kids can rescue their favorite endangered animal while learning about financial literacy in this game. Using a budget, they can buy food, shelter and toys for their animal friends and play with them before they are released back into the wild. By forming a relationship with the animals, it gives kids an incentive to budget wisely and reach their goal. It’s free and available on iOS and Android devices. Recommended for kids ages 5 to 8.
3. Celebrity Calamity – This app allows your child to act as a financial consultant for out-of-control celebrities. The goal is to manage the celebrity’s budget and keep him or her from overspending, while also making sure the celebrity is happy. It’s free and available only on iOS devices. Recommended for kids ages 6 and up.
4. Renegade Buggies – This is a fast-paced shopping game that challenges kids to save as much money as they can. As your child completes stages within the game, they accumulate “buggie bucks” that they use to make saving and investment decisions. It’s free and available on iOS and Android devices. Recommended for kids ages 6 to 11.
5. Motion Math: Cupcake! – In this app, kids get to be a business owner and make important decisions that keep their customers happy. Players make cupcakes using ingredients they buy and then set a price for selling their treats. Kids are also responsible for delivering orders and managing costs and revenue. This app has a cost of $4.99 and is only available on iOS devices. Recommended for kids ages 8 and up.
6. FamZoo – Using a prepaid credit card, this app allows you, the parent, to create bank accounts that record your child’s saving, spending and giving habits. FamZoo tracks allowances, money earned for doing chores, purchases, and loans. This app gives parents a direct role in teaching frugality and responsible budgeting to their kids. It’s free and available on iOS and Android devices. Recommended for kids ages 13 and older, but parents can track purchases for children under 13.
7. Savings Spree – The app includes six games that allow the players to earn money and either save it or spend it in a virtual piggy bank, with the ultimate goal of building a nest egg. The games allow your child to earn money by “working”. Your child can make decisions on how to save, spend and invest their money while learning the consequences of their money decisions. The cost is $5.99 and it’s only available on iOS devices. Recommended for kids ages 7 and up.
With all of these fun options available, your kids will be able to enjoy the important money lessons they need to learn for their future financial success.
List your favorite apps to teach your kids money skills in the comments below.