As a parent, we have one job, prepare your child for the eventual day that they venture out on their own. We start doing that at a young age with chores around the house. They are simple tasks that get them ready to fend for themselves, and the allowances (if given) teaches them the value of money, as they spend or save them.
It’s a little harder these days to give your kids allowance, because how often do you just keep cash laying around. The world has shifted to a virtual era, and so too should allowances. However, if you give your children virtual money it’s harder for them to track what’s happening with it to really fully understand the value and limits of their funds.
That’s where BusyKid comes in perfectly. Available on Apple and Android devices, this program will allow you to deposit allowance funds into their account, and teach them how to manage their money, and more!
In the app, parents can set the chores required for children to earn their allowance, and as they are completed, the funds will be directly deposited on the following Friday. Out of the funds, a weekly amount can be set to be saved for the children, and with the rest of the funds, the child will get to decide what to do with it. They can spend it with a debit card tied to the funds, invest it in stocks… sorry STONKS, donate it to a charity, or just save it for a bigger purchase.
If this seems like a great program to get your kids ready for the real world, then BusyKid might be right for you! Their family plan costs $19.99 annually, and includes one Visa prepaid debit card. For each additional child (and card) it will be $7.99 annually.
We only wish you could add a monthly fee for living, like rent and utilities… (that would be put in savings, we aren’t monsters!), so they can also get a greater understanding of budgeting for expenses, but maybe in the future.
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