The piggy bank is so 15th century, literally. But with kids quickly becoming tech savvy and parents having to keep up, it may be a good idea to explore different ways to teach them about financial responsibility. Technology has engulfed our lives, and generations have been thrust into using their trusty devices until the day comes when you will decide to sell your iphone or turn it in for an upgraded version. With tech being so prevalent, using it as a tool to teach can help our kids be wise about their money, and prepare them for a fruitful future. Luckily, there are several apps available that do just this!
The Game of Life ($2.99)
This beloved board game has now gone virtual! The Game of Life teaches kids about the importance of investments, working and saving money. Throughout the game, players attend college, buy a home, accept jobs, grow a family and most importantly make sure they are financially stable until the end of the game. Ironically, there are in-app purchases, so this could possibly be used as another lesson.
Monopoly is another well-loved board game that is now available to play on smart devices. The objective of this game is for players to manage cash and financial transactions, set money aside for emergencies and taxes, earn and save money, negotiate and manage a mortgage.
Allowance & Chores Bot (FREE)
No wonder why this app, developed by WingBoat, has a 4.5 star rating on the app store. Allowance & Chores Bot is interactive for both parents and kids, where parents are able to manage multiple daily or weekly allowances, assign chores to multiple children and approve all chore payments. The app allows kids to use a fun and customizable avatar, check off chores as they are complete and watch their allowance grow. This app teaches the value of working in such a simple way!
Saving Spree ($5.99)
Winner of a Parents’ Choice Gold Award, saving spree teaches kids that the choices they make each day can add up quickly to big savings or big expenses. The game shows kids that it is possible to save money for short-term goals such a toy or gadget, spend wisely and make sensible decisions, donate to others who need help and invest for their future. Saving Spree also focuses on earning money from work that is available, such as chres, and having funds for a rainy day.
Star Banks Adventure (FREE)
T. Rowe Price, the investment management company launched Star Banks Adventure to help kids become “Money Confident.” Based in outer space, the objective of the game is to solve mind-boggling puzzles, answer quiz questions for extra coin saving power and use power-ups to triumph over evil. While this game may appear to be another rendition of Bejeweled, it requires kids to plan and invest wisely. “You’ll have to work to stay ahead of inflation and spend wisely to reach your goals. The color-coded Star Banks, progress bar and, and interactive game mechanics make keeping track of your investments both fun and easy,” T. Rowe Price stated in the game’s official description.
Bankaroo is another bank account for kids. What makes this game so unique is that it was developed by an 11-year-old! Using simple animation and bright colors similar to a game, kids can easily track their expenses, set goals they are saving towards, and receive cool badge for when goals are met.
Oh My Cost! (FREE)
Oh My Cost is a fun and easy way to track your daily and weekly spending. Even though this app is meant for any age, it is appealing to children because of its animation style. Whether on food, clothing or games, kids are able to get a visual layout of what they choose to spend their money on with over 500 icons to choose from. The app can even be used it in other creative ways by teaching kids the importance of saving money, teaching them how much things cost, and using it as a tool to enforce ideals like taking care of their belongings and devices. You can use the app as a way to track spending on extra, non-essential items and enforce taking good care precious items like your computer or macbook, and in doing so, it will prolong the life of it, and prevent the costly need for a macbook repair.
Claimed to be the only parent-designed, kid-tested allowance app that helps kids save, share and spend wisely, PiggyBot is a virtual piggy bank for kids. Rather than receive physical money, parents can put their kids earnings in an account. The app does a great job at teaching kids about saving for short term goals. When a goal is set, such as saving up for a bike, the app tracks how much money is needed until the goal is met as well as how many weeks it will take. Savings is just as important as generating money. A penny saved is a penny earned. These apps make learning a complex subject simple, fun and approachable. If your child is capable of using a smartphone or tablet, it is never too early to consider teaching them the importance of financial responsibility.