Kids are born with a natural curiosity, and it is important to keep that curiosity alive.
One way of doing this is by teaching them healthy habits about money. Money can be a complicated topic for adults, but it doesn’t have to be for kids.
There are many ways of teaching kids about money, one of them is by using games. These games can help kids learn important concepts like saving and spending money wisely, the value of work, and the need for patience.
Although Monopoly (The game) might be a bit too advanced for children, there are tons of money apps for kids.
Let’s face it, which kid do you know plays a board game these days anyways?
Let’s have a look at some of these apps, but before we do that, these 2 basic principles should be embedded in your child’s brain (We mean that in the most loving and respectful way) first.
Also you want to do things through unconditional love. Not by force. Or you’ll raise kids with unresolved traumas which will definitely affect them financially.
Let’s start with saving.
Saving money is one of the most important things that you can teach your child.
It is not just about saving money for the sake of it, but also for making decisions that will benefit them in the long run.
Learning to save will teach your kids how to hold on to their money. Not just out of desperation, but so they will have more of it as time passes.
You are teaching them how “time” can easily grow their money.
Money is a tool to serve them, not the other way around. So if they can see their money grow, while going about their lives, it will send some powerful messages to them.
First, they can go about their daily lives without worrying about money.
Second, they are learning how to grow their money.
This naturally leads to the next part which is multiplying their money, and truly being financially free. As soon as possible, in a nice organic way.
Or, in other words, learning about investing. The sooner you teach your kids about investing the better.
Almost 99% of the parents out there focus on pushing their kids to get jobs vs teaching them how to be financially free (Savings / Investing).
The jobs / income always comes naturally.
After all, when they see their friends work, they’ll do it too.
However, savings and investing are two secrets that literally no parents teach.
Then they wonder why their kids, even after they grow up, keep struggling for money.
Anyways, do what you like, but if this resonates with you, you might want to try it out.
Now let’s look at some of these money apps for kids.
FamZoo is a family finance app that helps parents teach their kids about money. It has been downloaded over 10 million times by parents and kids in more than 150 countries.
Their mission is to help families manage money together, so they can have more fun and less stress.
Parents can teach their kids about money in a safe, secure, and private environment. They can also help them learn how to set goals, manage their allowance, save for college, and more.
Kids can earn virtual currencies like “Pigzolos” by completing educational tasks like learning about the value of coins or doing math problems.
Piggybot is a robot that teaches kids about money and the value of saving. It is a safe, interactive, and engaging way to teach kids about money.
This app was created by a team of three people in order to address the need for financial education in schools. The team included an engineer, a data scientist, and a behavioural economist.
They were motivated by the idea that finance education should be accessible to all children so they created Piggybot as an interactive tool for teaching children about saving money.
RoosterMoney is a personal finance management app that provides users with a clear overview of their finances in real time. It features all the necessary tools to help kids manage their money in an efficient way.
The app is designed to be simple and easy to use. It’s available on the web, iOS, and Android devices. You can set up a free account with just an email address.
So as you can see, kids have lots of choices and lots of ways to learn about money. However, the fundamentals seem to remain the same and that’s just how it is. Teach your kids some good fundamentals and they will live financially prosperous lives.
No doubt about it.
If you are a struggling parent yourself, then why not look into savings and investing yourself first?
Then see if the changes that occur after a couple years of doing it, are good enough to share with your kids.