Top Questions and Answers Every Parent Should Know About BusyKid.com
Have you tried the BusyKid app yet? If not, you must have many questions as a parent. BusyKid is a chore and allowance app, and it includes all of the elements needed to help teach children (5 to 17 years old) the value of earning, spending, saving, investing and sharing.
Some parents may be uncomfortable discussing finances with their kids, due to the notion that they wish they were taught financial literacy at a young age. According to a OnePoll survey of 2,000 American parents having kids aged eight to fourteen, 83 percent of them would have preferred to learn more about finances as youngsters.
Perhaps that is why most parents seek the best solution to teach their kids money management skills. But, of course, while researching the options on the market, numerous questions arise, especially about safety. We live in a world where online everything is possible, and it’s only natural to protect children from it.
However, parents often question the app’s credibility, functionalities, and costs. So, here are the top questions people ask themselves about BusyKid before jumping in!
Answers to Top Questions People Ask About BusyKid
1. What is The BusyKid App?
With millions of students graduating from high school to step into the real world without knowledge of money management, the BusyKid app was developed as a response. It is a well-known fact that children learn through play and doing. Hence the app is focused on turning finished chores into weekly allowance that can be saved, shared with charities, invested or saved.
It also means that little helpers around the house are getting hands-on introduction to a balanced financial approach. But, the most benefit kids have, from the palm of their hands, is that they become motivated to do more to earn money and build some strong character traits.
While a parent has complete control over the account and must approve any money moving outside the account, a child using the app (and personalized Spend Card) is empowered to make financial decisions everyday. In short, BusyKid teaches money management skills which are the core of financial literacy.
2. Who Started BusyKid?
Gregg Murset is the owner and co-founder of BusyKid. Gregg is a CFP and consultant who has become a leading advocate for responsible parenting and financial literacy. As a parent of six, it was his idea to turn the family’s chore chart and piggy bank into the technologies his children used. It first started as a web-based application called MyJobChart in 2011 and was rebranded as BusyKid in 2018
3. Is BusyKid Free?
BusyKid app is free to download but it has a subscription fee.
4. What is the BusyKid Cost?
BusyKid has a monthly ($3.99) and yearly plan ($38.99) subscription. These plans allow usage of the app, access to nearly 60 charities, the investing platform and BusyKid Spend Card for up to five kids.
5. Is BusyKid a Good App?
It depends on what you are looking to accomplish. The BusyKid app is a good fit for families with up to five kids. The app comes with a prepaid card for each of them. With the app, your kids can learn money management and complete chores for the allowance. The best part is that you, as a parent, have an insight into every money movement, transaction and withdrawal your child makes from the app or prepaid card.
The app helps them learn about financial literacy and how to use their funds and prepaid cards in real life. Many kids do not comprehend the concept of plastic cards. For them, virtual money is all they know. The BusyKid app can help teach them how to handle “invisible” money and the idea of having a credit account in the future. That way, your child will be ready to make responsible financial decisions in the future.
6. How to Set Up BusyKid?
The process of setting up the account is simple. However, you must remember that the app will require some of your information to complete the process. For example, anyone over 18 can open a parent account for the kids, but they must be a US citizen, and also provide a US phone number and address.
To begin, you must click the Get the BusyKid app button on the homepage. Next, the screen will ask for your information, such as your full name, email, ZIP code, and password for BusyKid. After you click continue, the interface will ask you to create a PIN which you should not share with anyone, as it is the only way to enter the app.
The application will ask for your bank account or credit card, which you want to connect with BusyKid. That is also the account that will handle the app’s allowance payments. Confirm the information and complete the setup.
BusyKid might ask for additional information, such as the date of birth for you and your child. It may also ask for your social security number when you sign up for the prepaid card. When you create your child’s profiles, the app monitors their behavior and sends real-time notifications to your account.
7. Why Does BusyKid Need my Social Security Number?
To help the government fight the funding of terrorism and money laundering activities, US Federal law requires all financial institutions to obtain, verify, and record information that identifies each person as a “customer”, who opens an account.
What this means for you: If you are opening an account for yourself or another individual, the bank will ask for the name, address, date of birth, social security number, and other information that will allow them to identify all customers on the account. Banks may also ask to see a driver’s license, passport or other identifying documents.
8. How to Use BusyKid App?
BusyKid app has a user-friendly interface. What you see depends on the user account. For example, the app contains 12,000 chores pre-populated by age and has proposed pricing for each task. Both parent and child can see the entire list of activities. They are color-coded, performance-based, approved, denied, or pending.
The dashboard shows the weekly allowance, overall money, and how much is in each bucket. By bucket, it means to spend, save, and share capital. The spend card shows the balance on the card. If your child wants to save money, you can set a percentage that goes into that bucket each week.
In addition, BusyKid offers them a way to earn money by investing in child-friendly stocks. Your child can access it by selecting the Save bucket from the dashboard. Naturally, a parent has to approve each transaction. Parental supervision is also required in donating money to charity; there are nearly 60 institutions where children can contribute a percentage of their weekly allowance.
9. What age is BusyKid for?
BusyKid is designed to be safe and easy for kids between the ages of five and sixteen. Any child in that age group can get an individual BusyKid Spend Card, though anyone older can also use the app and cards.
10. How to Load a BusyKid Spend Card?
Parents can load the spent card from their dashboard by clicking the “Load Card” button. First, you must select from which bucket you want to transfer money: spend, share or save. Then, enter the amount desired, press the update button, and the funds should instantly appear on the Spend Card.
The process repeats from the child’s dashboard, only this time, a parent gets notified of the request via email. If approved, your kids’ dashboard will get a Success message indicating that the parent-approved the transaction.
11. How to Activate a BusyKid Spend Card?
To activate the BusyKid prepaid card, a primary parent can do it in two ways. The first one is through the dashboard. There is a card image with a Lock button. By clicking it, the parent will be required to enter the last four digits of the card. The next step is to click Done, followed by Unlock.
The second way of activating the card is by calling the card provider directly. Again, the phone number is on the sticker. They will ask for the last four digits of the card, your SSN, and the final four numbers on the front of the card to confirm activation.
12. How do I Spend Money On BusyKid?
Children can use a BusyKid prepaid card online or in stores. The cards can also be used at more than 55,000 US-based ATMs
13. Is BusyKid FDIC Insured?
MVB Bank, Inc, a Member of FDIC, issues the BusyKid Spend Card. The FDIC insures all cardholder money is under the FDIC’s applicable terms and conditions. For more information about your card terms and conditions including the VISA® Zero Liability policy go here. Cliq® is registered ISO/MSP of MVB Bank, Inc.
14. How Does Someone Buy Stocks on BusyKid?
From a child dashboard, a child can start the process by pressing the Save section. On the lower portion of the app, a child can enter an area randomly listing companies available for investments. At this point, if a parent hasn’t established an account, they must before a child can make a recommendation for parent approval and purchase.
Later to sell any stock, a parent will do so through the app, similar to making the purchase. BusyKid partners with a company, and there is no commission paid on transactions.
15. What is BusyPay?
BusyPay™ is an exclusive feature of the BusyKid app. In essence, it is a QR code through which adults outside the BusyKid app can quickly and easily transfer money to kids’ accounts quickly and easily. Just scan the QR code from the child’s app (or have it sent to you by the child), select the amount and enter the bank account or card from which they want to transfer the money. It’s better than gift cards and popular for birthdays and holidays.
16. Does BusyKid Work With Apple Pay?
BusyKid prepaid Spend Card is designed to give kids freedom without having to carry cash with them. It is usable through ATM, Apple, and Google Play.
The BusyKid Spend Card is issued by MVB Bank, Inc., Member FDIC, pursuant to a license from VISA® U.S.A. Inc. All cardholders’ funds are insured by the FDIC in accordance with the FDIC’s applicable terms and conditions. For more information about your card terms and conditions, including the VISA® Zero Liability policy, go here. Cliq® is registered ISO/MSP of MVB Bank, Inc.