For parents, what do you do when you want to educate your children on the importance of smart money management? Singapore-based startup Playmoolah thinks it has the answer, and has just launched its Moolah It app with some useful features. The application aims to educate children on how to manage their money and at the same time it bonds parents and children. In the Moolah It app for iPhone and iPad you can add the child’s key details, such as name and date of birth. It then prompts kids to input the budget they have decided to set aside for making a purchase. For instance, if they want to buy a $10 present for grandma’s upcoming birthday, the app visualizes how they can save for that. So when the child goes shopping with parents, he can take photos of possible items that gran might like, and then rank the potential gifts and take note of the price. The app also tells the child if he has exceeded his pre-set budget. The idea of ranking teaches children the idea of opportunity costs. I can imagine parents teaching their children about what would be a better choice, along with verbal explanations while interacting with the app. It also allows a child’s wishlist to be shared with friends and family, perhaps in the hope of letting them know what the kid wants in occasions such as birthdays and Christmas.
According to co-founder Audrey Tan, the app aspires to educate children on better decision making:
By making budgeting and prioritizing fun, we're helping parents to avoid their child's tantrums at the toyshop, and to avoid the impulse buying of a mountain of toys that are quickly discarded. We're actually starting a conversation between parents and children about budgets and priorities.
With more and more products advertisements targeted at children, this app, in my opinion, could come in really handy to educate the next generation on how to prioritize spending at a young age. For parents who are keen to try Moolah It, it is available for download on the app store for free, for both iPad and iPhone.
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