Yahoo Finance 7 Fun Money Apps for Kids
If your kids are already playing games on their smartphones or tablets, consider sneaking in an app that will teach them some valuable money skills. Educating your kids about money matters may not be at the top of your priority list, but they may be more inclined to learn about budgeting and money management when they're playing a game. Whether you want to teach kids how to save money or show them how to better manage their allowance, you can turn to a handful of money apps that make the whole process into a fun game.
Here are seven of the best fun money apps for kids.
1. PiggyBot
Kids who are used to saving money in a piggybank will enjoy the digitized experience with this app. PiggyBot helps kids see exactly how much they have in their savings account and also keeps track of their allowances. They set up a virtual account with a PIN using a smartphone app and parents can send their kids an allowance or gift money directly through the app. Kids can also set savings goals and take pictures of things they want to stay motivated.
[See: 10 Fun, Frugal Ways to Spend Your Free Time.]
2. Save! The Game
Being able to differentiate between needs and wants is an essential money management skill. Save! The Game helps kids get comfortable with identifying their needs and wants so they can organize their spending accordingly. The app is set up like a game that takes kids through a 3D fantasy world where they collect virtual money and avoid "iWannas," or impulse buys, along the way. Kids get through each level by collecting a certain amount and avoiding as many "iWannas" as possible.
3. FamZoo
Another app the whole family can get addicted to, FamZoo makes it easy to keep track of allowances, chores and other money-related activities. Parents serve as bankers through this app and can send money to their kids directly. One of the unique features of this app is that everyone in the family is connected so it's easy to move money between family members instantly. The app can be useful for teaching kids some very basic money management and budgeting skills, and puts them in the money saving mindset.
[See: Your Month-to-Month Guide to Savings.]
4. Savings Spree
If your kids have an entrepreneurial spirit or are eager to save for big-ticket items they want, get them connected to Savings Spree to learn some smart money lessons. The app is designed for kids ages 7 and up and is set up like a game in which kids can see how even small costs add up over the year; it also illustrates the importance of having a rainy day fund. The game also tests your kids' financial knowledge at each level.
5. Allowance & Chores Bot
Kids who are old enough to earn an allowance for completing chores will have fun with this app, which lets them keep track of all the chores they need to complete to earn different rewards. Allowance & Chores Bot is set up so that the family can manage all chores in one place and track who has completed their chores and who has earned their allowance. The app can be useful for keeping children motivated to do their chores, and parents can add rewards and punishments along the way. Kids can also keep track of their savings accounts and how much they are spending.
[See: 12 Ways to Be a More Mindful Spender.]
6. Bankaroo
If your kids are old enough to open up their own bank account -- or can't wait to get started -- teach them basic money tracking and checkbook-balancing skills with Bankaroo. The app works like a virtual bank where kids can enter allowances received, set savings goals and report how much they have spent. Parents can also send gifts directly through the app.
7. Kids Money
If you think your kids will fare well with a very simple, straightforward savings calculator and money tracker tool, take Kids Money for a test drive. The app makes it easy for kids to understand and visualize how to save and plan for bigger purchases, and how long it would realistically take for them to achieve their savings goals if they saved some or all of their allowance.
Sabah Karimi is a columnist for the blog Wise Bread, where you can find consumer tips like how to select the best balance transfer credit cards.
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