Prices of goods increase all the time, which can weaken our purchasing power as parents. It is extremely important that we teach our children one essential habit: to set aside money for savings even at an early age. I’ve often asked myself what would be the best way how, and considering that saving isn’t exactly one of my biggest strengths, I have found that there are now some mobile apps that can help parents provide kids with early financial education.
We will rarely find a child who doesn’t know how to play games using a tablet or a smartphone these days. Parents should definitely take advantage of this opportunity to download free smartphone apps designed to help children understand the importance of saving for the rainy days. Here are a few that have caught my attention:.
Mindblown Life is a life-simulation game that enables players to create an avatar, choose a career, and personalise their clothes, houses, career progression, and social life. The game enables players to earn Money, Skill, and Reputation as they go through their fantasy lives.
According to the creators of Mindblown, the goal of the game is to engage players and at the same time improve their financial IQs, as well as their money management skills. Players go through a series of financial challenges to test their skills in dealing with debt and financial problems.
A virtual bank for kids, Bankaroo was invented by an 11-year-old girl, as a family project designed to educate children on the value of money. Parents can set up financial goals for their kids on Bankaroo and track their children’s progress on any mobile device. Creator Danielle Gafni was responsible for app design, testing, and marketing, while her dad handled the technology side.
Another money-saving app for kids is Roosterbank, which allows parents to keep track of virtual pocket money. Using the app, parents can log on to a Parent Account to give out regular amounts of Pocket Money to their kids. The children, on the other hand, will have access to a Dashboard, which informs them how much they have and and how far along they are in meeting certain targets.
Meanwhile, kids are encouraged to earn more money from their parents or from grandparents by doing chores around the house. They can choose their targets, save up for those in the Rooster Shop, and then ask their parents to buy the items they want on their behalf. The site gets a commission from the retailers if a parent approves and purchases a certain item.
For parents who want to teach their kids the value of setting financial goals, Goldstar Savings is an app where kids can take a photo of what they wants to save for, then show it to their parents, who can set up a plan for the kids to earn their goal. The children need to complete tasks to be able to earn their Gold Stars. Using this app, kids will be encouraged to use their creativity, resourcefulness, and passion to work toward a goal and be able to achieve a sense of accomplishment.
Count My Beanz
An app that is created specifically for four to eight-year-olds, Beanz teaches children to save, earn, and donate. Parents will first be given access to a Beanz Package including a Beanz Spending Account and a Beanz Savings Account. They can log into their children’s Beanz accounts, choose specific activities that their child has achieved, and reward them by depositing Beanz into their accounts. Parents may also create their own activities using the app and set a Beanz value for each. Both parent and child may also donate a portion of their Beanz to the community. They will be receiving donation certificate for every donation.
I’m sure that there are many more apps parents can download on their smart phones that can not only keep their kids preoccupied and out of mischief, but can also teach them the value of saving. It is probably a good idea to give these apps a try! I will definitely be giving these a spin.