However, teaching kids and making them understand fiscal responsibility and financial competency is easier said than done. Gregg Murset, CEO and co-founder of the BusyKid app, would like to change all that, so he designed this platform to teach kids to manage money properly and build the drive and motivation to work for it.
BusyKid takes minutes to download, set up, and link a funding source — and is available on the Apple App Store and Google Play.
Parents will receive an approval notification from BusyKid every Friday morning indicating how much allowance was earned for the week. As soon as the transaction is approved, BusyKid pulls the money from the parent’s linked account (the company recommends a checking account) and is allocated into three buckets: save, spend, and share.
The BusyKid app comes with pre-loaded chores that are based on a child’s age. They can also be customized as needed. Parents can easily link a checking account or a credit/debit card to pay for the chores your child has completed. Your child can also get a customized kids debit card, the BusyKid Visa® Prepaid Spend Card, to help instill lessons on how to manage invisible money.
BusyKid App: More than Just a Task List
The app can do way more than assign chores and pay for the tasks done. The brilliant app also gives kids the option to have their own savings account, contribute to charities, and even invest in the stock market! With a tool this impressive, it’s safe to assume BusyKid benefits the entire family as well.
Parents get consistent help with household chores.
If getting help with the household chores is a challenge in itself, the BusyKid app is a total game-changer. Let’s be honest, life can be complicated, and even in the best of times, there never seems to be enough hours in a day between work, kids and things to get done around the home. BusyKid can provide relief in the form of extra hands taking on chores.
The app has 12,000 pre-populated chores with recommended payments. However, parents have the option to create their own chores and decide on the payments. Aside from work ethic and proper money management, the app can also teach kids that if they go the extra mile and do a great job, they can earn bonuses as well.
Parents can enjoy cashless convenience.
If you’re a busy parent, you’d surely love the ease and convenience only the BusyKid app offers. Without the BusyKid app, you will pay for chores using cash. However, what happens if you don’t have any money with you?
Chances are you would need to drive to the nearest ATM just to get cash. Understandably, that’s the last thing you would want to do, especially when you have many urgent matters to attend to.
Recently, BusyKid launched an auto allowance feature that’s designed to make fund distribution even easier. The new feature gives you the option to set up recurring payments every Friday or on the 1st or 15th of the month.
It’s a set it and forget it approach that is no longer tied to chores but meant to teach kids how to manage their money accordingly.
Parents can teach kids work ethic and proper money management.
This might not be common knowledge, but even children as young as five can already benefit from using the app. BusyKid allocates at least 50% of allowances received for investing and saving with young kids, 40% for spending, and 10% for sharing.
However, as kids get older, the allocations can also change. While the share can stay constant, the spend and save can change over time as their needs change. Allocations are also customizable.
Final Thoughts
Understanding how money works is critical to someone being a financially stable adult. Every child should learn how to be a financially balanced adult – saves, donates, invests and spends wisely. However, since financial literacy is not taught in schools, a brilliant tool like BusyKid can serve as a valuable guide. The important thing is to get your kids started down this path as early as possible to start building important routines around earning, saving, sharing and investing. Children learn best by doing, so use the app, assign some chores, pay some allowance and watch the lightbulb turn on above their heads.
You’ll be amazed at what they can accomplish.
