For most of us, financially acumen is not an inborn skill. However, as we get older and have more experiences with money management, bills, investments and other financial-related topics, we get a bit more knowledgeable and comfortable with our finances.
Now that we are parents, we might see these same problems with our kids. For example, most children will want to spend their money as soon as they receive their allowance or birthday money from grandma. To help teach your kids good money management skills, you can download these four apps to your smartphone so you can go over financial lessons together.
The P2K app is specifically designed with kids in mind. It teaches children to track their income like allowance and birthday money and allows them to create a wish list of the items they want to get. The free app can be downloaded onto a smartphone and be used in conjunction with the P2K Money website so that parents can work with their kids on their savings and spending.
The Kids Money app helps kids learn about how they can plan to save for big-ticket items. For example, if your child wants an expensive Lego set, and he or she earns about $10 a week in allowance, the app will show your child how long it will take to save up the funds to buy it. And, if your child spends money while they are saving, the app will give him or her an updated estimate of when they will have enough saved up. The app features great graphics and is easy and fun for kids to use. And, it will help them learn about the power of budgeting and delayed gratification.
Citi Tablet App
For kids who have bank accounts, the Citi Tablet App will help them manage their finances. Although the app was not created expressly for kids, it features eye-catching and colorful graphs that are great for people of all ages. The app helps kids to track how much money they have coming in, and pie charts show where the money is going. Additionally, the app lets kids learn how other people typically spend their money, and can be filtered by income level, age group and location.
The Mint app was not designed with children in mind, but there’s no reason this popular program cannot be used by both parents and kids. The app automatically sorts your spending into categories, which will show children where their money is going. They can see all of their bank account information in one spot, and the app also will help them achieve various money-related goals by giving them advice and sending them reminders. The app has many elements that aren’t applicable for children, but they can be used as teaching tools for the future. For example, parents can show their kids how to stay on a budget, plan for retirement and how to track certain bills like water and electricity.