Indeed, there’s a mobile application for virtually everything these days! The popularity of apps stems from their ability to solve everyday problems, offer convenient solutions, provide entertainment or a combination of all these aspects.
With more than 2.2 million apps available on various platforms, there’s something to cater to everyone’s needs and hobbies. Nowadays, an increasing number of applications geared towards children are emerging as technology continues to be a part of kids’ daily lives.
Among my favorite ones are those promoting financial literacy among kids. It’s crucial that children grasp the concept of personal finance early on, paving the way for a future where they’ll understand the value of professional assistance in managing their finances.
Introducing them to finance-based apps is a phenomenal way to facilitate this learning experience, which could indeed prove enjoyable. Here are five of the best personal finance apps for children that I recommend parents explore:
1. KIDS MONEY: Exclusive to the iTunes store, this app encourages children to set financial goals and strategize budgets accordingly. It endorses saving by showing how much is required for various purchases or to reach certain goals. While it’s mainly for the kids, parents can also use this app to engage their children in setting saving goals for items such as new bikes or school clothes. (Free, suitable for 5 years and above)
2. SAVINGS SPREE: An award-winning app available on iTunes, Savings Spree advocates for healthy financial behaviors through an educative, game-like environment. It presents various choices, promoting frugality and saving. The app comes with engaging music and graphics, along with interactive activities such as setting up a lemonade stand. (Costs $5.99, suitable for 7 years and above)
3. BANKAROO: Conceived by an 11-year-old, this app enables children to monitor their allowances and other money they receive. The app allows children to detail their allowance amount and set financial goals. Parents can also chip in, making this a fun and convenient learning tool. Bankaroo enables children to take advantage of the digital money management tools, making the finance management process simpler. (Free, suitable for kids aged between 5 to 13)
4. RENEGADE BUGGIES: Best suited for older children who are into video games, Renegade Buggies teaches children intelligent shopping habits and the value of coupons. The game involves racing a shopping cart, dodging obstacles, and picking up currency along the way. Players can also reward themselves with in-game purchases. (Free, suitable for 13 years and above)
5. MOTION MATH: CUPCAKE – Ideal for budding entrepreneurs, this app allows the child to manage a virtual cupcake stand, handling the processes of baking and selling. They can assess sales, track earnings, and enhance their problem-solving skills. (Costs $4.99, suitable for 9-11 years)
These reasonably priced apps offer unique opportunities for children to learn more about finances. Based on your child’s interests, you can combine these apps with physical games, books, and hands-on experience to reinforce financial literacy. Early exposure to personal finance concepts paves the way for proficient financial management in adulthood.
