Why Was BusyKid Created?
Generally, the U.S. far behind other countries when it comes to teaching our kids about personal finance, even though there isn’t another subject they will use more after graduation. Kids that combine a solid work ethic with a basic knowledge of financial principles have a greater chance to be successful in life. BusyKid was created to be an easy to use platform that helps families build strong character in kids and provides real “teachable moments” when it comes to earning money and making some of the same decisions they will make as adults.
What’s Different About BusyKid?
While BusyKid stays in line with basic chore charts, we have spent nearly a year building a modern platform that can be used on every mobile device. BusyKid is also the very first system that pays real allowance directly from parents and lets children decide how to save, share, spend or invest.
What Decisions Are Kids Making?
Kids have the opportunity to decide how to save, share, invest or spend their allowance. These are the same major decisions they will need to manage as they grow up. It’s called budgeting!
Do Kids Make Decisions Without Parents?
No. Parents still have approval power over the key decisions, but for parents, it’s as simple as answering yes to a text message.
Do I Need To Link My Bank Account To Join?
No, but it’s an option. Parents can also use a credit or debit card as an allowance funding source, however there is a small fee associated. There is no fee when linking a bank account.
What Is the fee to use a credit/debit card as a funding source?
While it is free to use a linked bank account as an allowance funding source, there is a small transaction fee when using a credit/debit card as an allowance funding source. The fee is 2.9% of the amount, plus $.30. So if you’re doing a $10 transaction, the fee would be 59 cents.
I Want to link my bank but don’t see it listed?
While we have the majority of large financial institutions listed, yours might be missing. You can search for a bank by typing the name in the space provided. If you still don’t see your bank, X-out of the screen and another window will pop up asking for more information.
Where Are “my wallet” The Funds Being Held?
The allowance you’ve paid your children is held in a BusyKid Account at a FDIC insured bank for your benefit and insured up to a balance of $250,000. BusyKid itself is not a bank therefore does not have an FDIC insurance number. BusyKid also makes no money from the allowance being held.
The funds are FDIC-insured on a “pass through” basis. This means that each individual user’s balance is protected by FDIC insurance, up to the limits established by the FDIC.
Can BusyKid be used outside the United States?
Currently, BusyKid is only available to families living in the United States or individuals living outside the U.S. but have a US-based phone number and address. The only currency available right now is the U.S. dollar.
When Does My Child Get Paid?
Your child should be paid every Friday. However, just like any company handling payroll, funds must be approved by a particular time in order for payroll to process. In our system, if a parent OK’s the Payday SMS message within 2 hours of receiving it on Thursday morning, the child will be paid on Friday. If the parent responds late, the child will be paid on Monday.
How Do I Add or Delete Someone After The Family Has Already Enrolled?
It’s easy! Go to the top righthand corner of the parent portal and click the arrow. You can add or delete someone in the “Manage Users” section.
How Can I Cancel My Subscription?
To cancel your family membership, just click the button under the settings tab inside the Parent Portal. There is no penalty for cancelling but there are no partial refunds on a family subscription. We will, however, return any money remaining in the accounts of your children.
CHORES & ACTIVITIES
What is the Activity Register?
Located at the top of the parent portal, the Activity Register is where a parent can see everything a child has done, money earned and money shared or invested. This is also where a parent can disapprove payment for a chore not completed correctly.
What If My Child Said They Did Something But They Didn’t?
A parent has the option to remove a chore or activity from the weekly allowance through the “Activity” section of the Parent Portal. Just disapprove the activity that wasn’t completed and the allowance total will automatically adjust.
This can also be accomplished by using the “Get Cash” option of a childs account. A parent can just move the paid amount back to the originating account.
I Don’t See A Chore or Activity I Want, Can I Add One?
Yes. Through the parent portal, just pick a child and press the “Add Chores” button. It’s a very simple process. You can also delete a chore or activity, by selecting it and pressing delete when prompted.
I Need To Delete Or Edit A Chore/Activity, How Do I Do It?
From the page of your child in the Parent Portal, click one of the chores or activities listed below. When it pops up, you will have the option to edit or delete that event.
How Do I Pick The Days of The Chores or Activities?
All chores and activities start in the “Daily” position, but you can make them “Once” or “Weekly”. If you pick “Once” or “Weekly”, you’ll need to select the actual days.
I’m Not Sure What My Child Can Do For His/Her Age?
We have removed the guesswork from assigning chores by recommending plenty by age. As your child gets older, new chores and activities will be automatically uploaded. It’s also easy to add your own chores or activities inside the parent portal.
ALLOWANCE
To Be Clear, I’m Paying The Allowance?
Yes. We have made paying your children allowance extremely simple. For your child, it’s basically direct deposit – another term they will need to know later as adults.
How Much Allowance Should I Pay Each Week?
Recent U.S. studies show that parents are paying an average of $65 a month for completed chores. However, you should set up a schedule and allowance which fits your family lifestyle and budget.
BusyKid Moves Real Money?
Yes. BusyKid allows a child to complete chores/activities for real allowance. No more points, IOU’s, stickers or cartoon characters. Children learn best by doing, so finishing chores and activities for allowance teaches children many valuable lessons they will need to know as adults.
When Is Money Moved From My Bank Account?
Actual money only moves from your account on payday. You will need to give permission before money is moved.
Do I Have To Pay Allowance On Friday?
As of right now, yes. We have attempted to set up BusyKid as the first job for your child. Since most teenagers will get paid weekly (or bi-weekly), we thought that each Friday would be best.
What Is The Bonus Feature?
Everyone likes to be rewarded for a job well done. So we have provided parents, grandparents or anyone else the opportunity to give a cash bonus to a child who goes above and beyond. A “Bonus” is a one-time payment for doing better than expected. Because a “Bonus” is outside the normal allowance window, it might take a day or two before it shows up in the child account.
SAVE, SHARE, SPEND & INVEST
How Can My Kids Spend Their Money?
There are three options – Cash Out, Gift Cards, Stock . To Cash Out, your child just presses the “cash out” button and money moves back to the parent account. Then the parent provides the cash due or makes a purchase for the child. To buy a Gift Card, the child selects the company and put in the amount to be placed on the card. The bought card will be stored in the “My Cards” area of the “Spend” page. To buy Stock, your child will do the same as buying a gift card. The stock will be kept in the “My Stock” area of the “Save” page.
How Much Money Goes In Save, Share & Spend Areas?
It’s really up to the parent. We have preset the percentages, but you can change them by pressing the “Edit Allocation Settings” on your child’s page in the parent portal.
Do Kids Have To Donate?
No, but we believe that sharing is an important part of the basic financial principles and kids should be doing this from a young age. We have set the sharing at 10% each week, however a parent can change this percentage at any time by selecting “Edit Allocation Settings”.
Does My Child Donate Directly?
No. When a child goes to make a donation, a text message will be sent to the parent that they would like to donate. Once you approve the transaction, the donation funds will be moved back to the parent account so a parent can make the donation.
What If A Charity Isn’t Listed, Can I Add One?
You are not able to add one at this time. We have, however, partnered with several very special organizations who would appreciate the support. In time, you will have the ability to donate to their favorite charity or church.
Can My Child Move Money Between Save, Share & Spend?
Yes. All your child needs to do is press the “Move Money” button and pick where to move it.
Does My Child Have A Brokerage Account?
No. When your child selects the stock to be purchased, a parent will be asked to open a custodial account through our partner Stockpile. It’s also important to note that there are no transaction fees on buying or selling stock.