Best Money and Budgeting Apps for Kids, Teens and Young Adults Children at a young age need to learn financial literacy and parents should encourage them to spend and save thoughtfully. That will help to develop a healthy perspective of money in young minds and will lay a foundation for responsible money management later in life.
But only lecturing won’t help, instead parents can actually suggest trying out some money and budgeting apps for kids. These apps can be proved as an effective strategy for helping children communicate better about finances and money management. There are tons of money apps over the internet and choosing the best budgeting app for kids, teens and young adults is a tough task. So, if you want to consider the best money app to manage your family finances there are some key lessons you should learn before selecting an appAge Factor- Consider a financial app depending on your child’s age and experience with money. Managing Funds & Allowances- If you want to give your children regular allowance in exchange for household chores and tasks select a money app that will automate the funds on monthly or weekly basis and allow you to assign tasks that your kids can check off once complete. Managing & Budgeting- Try and consider a budgeting app that can teach your kid how to budget- planning of big expanses, what they can afford, and learning to say no to some expenses. Savings- Choose a money app that can teach your kid short and long term savings and the required patience for both. Investment- Some apps will help you to open an investment account for your kids which will benefit from more years of growth.