Financial literacy is an essential life skill that helps foster economic health and well-being. Fortunately, numerous money management apps exist that can help teens learn financial concepts, save money, and establish good financial habits. These apps serve as guides, providing real-world experience in managing money. Here are some of the top money management apps for teens
Greenlight
Greenlight is a money management app designed to help children and teens learn how to save and manage money. Parents load money onto the card and can control where their kids can spend and how much. Moreover, it enables parents to set up automatic allowances and motivate their kids to save by setting savings goals and parent-paid interest.
Greenlight comes with educational resources that help kids understand how spending, saving, and interest work. Lastly, it provides real-time notifications of transactions, ensuring that parents are aware of how, when, and where their teens spend their money. This feature is beneficial, paving the way for meaningful financial discussions at home.
FamZoo
FamZoo is another app designed to teach kids about money management. With FamZoo, parents can set up a virtual family bank system. Teens get their prepaid cards linked to parental accounts. Parents can set and pay interest on savings, assign chores, and give rewards.
FamZoo provides tools for tracking expenses, setting budgets, and establishing saving goals. It models real-world scenarios in a safe environment, fostering responsible financial behaviour. Teens can also earn money through chores, motivating them to work for their cash.
Current
Current is a money management app primarily designed for teens, introducing them to the basics of banking. The app provides a debit card that parents can control and monitor. Parents can set spending limits, pause the card, and even set chores for their kids to earn money. Furthermore, the app encourages savings through round-up features and saving pods.
Teens can use the Current card wherever Visa cards are accepted, and video games are included. This feature provides a great learning opportunity for teenagers to realize how virtual purchases can add up and impact their real-world finances.
goHenry
goHenry is a money management tool that focuses on children and teenagers learning to earn, save, and spend responsibly. Parents fund the child’s account and set rules and limits for where the money can be spent. Furthermore, parents can quickly transfer money, set automatic weekly allowances, and reward for completed chores.
It allows teenagers to save their cash, set saving goals, and customize their own cards. The app empowers children to learn more about the value of money while providing parents with peace of mind.
BusyKid
BusyKid introduces teenagers to the concept of consistent working and earning. The app’s web-based platform allows parents to assign chores with monetary values, and teens can complete these tasks to earn. The earnings can be saved, invested, or spent through a linked debit card.
BusyKid promotes the idea of economic independence as teenagers understand the concept of managing their cash. It spells a fun and engaging way to learn money management.
Conclusion
Ensuring teens learn financial literacy early on is critical in promoting better financial habits in adulthood. By using these money management apps for teens, they can comprehend diverse financial aspects such as savings, expenses, investments, and the significance of earning. These tools provide a secure, controlled environment for teenagers to understand the mechanics of financial management, thereby setting them up for lifelong financial wellness.
FAQs
What age is appropriate to start using these apps?
Most of these apps are suitable for kids as young as six years old up to teenagers. However, you should consider your child’s maturity and understanding.
Can the kids withdraw cash from the linked debit cards?
Yes, most of these apps provide the feature to withdraw cash using the attached cards from any ATM.
Are these apps safe?
Yes, these apps use encryption and other security measures to protect personal and financial information. However, it’s always a good idea to read the app’s privacy policy and terms of service.
Do these apps promote good financial habits?
Yes, these apps teach and foster good financial habits, such as saving, investing, earning responsibly, and understanding the value of money.
Do these apps charge any fees?
Most of these apps come with a monthly or annual fee. However, considering the financial lessons and safety these apps provide, many parents find the cost worthwhile.