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 years building a modern platform with the help of feedback from parents. BusyKid is also the only system that pays real allowance directly from parents to children so they can decide how to save, share, spend or invest it.
Do Kids Make Decisions Without Parents?
No. Parents still have approval power when it comes to allowance earned, bonuses and when a child asks to take money outside the system – buy stock, buy a gift card or add money to a BusyKid Spend Card. However for parents, it’s as simple as answering yes to a text message.
Do I Need To Link My Bank Account To Join?
A funding source must be linked. This has to be a bank account or credit card. Over 90% of our parents have safely liked a bank account.
What Is the fee to use a credit as a funding source?
While it is free to link a 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.
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 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 (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?
BusyKid is currently only available to families living in the United States or individuals living outside the U.S. that 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 Thursday morning Payday SMS message within 2 hours of receiving it, the child will be paid on Friday. If the parent responds late, the child will be paid on Monday. Not responding at all forces the amount to roll over to the following week.
How Do I Add or Delete Someone After The Family Has Already Enrolled?
It’s easy! 1) Sign into your account from our web-platform (www.busykid.com); 2) Go to the top righthand corner of the parent portal and click “Manage Users”; and 3) Add or delete someone.
How Can I Cancel My Subscription?
To cancel your family membership, just go to “My Account” inside the main menu of the Parent Portal on either the app or web-platform. There is no penalty for cancelling but there are no partial refunds on a family subscription and no refunds on BusyKid Spend Cards. We will, however, return any money remaining in the accounts of your children.
CHORES & ACTIVITIES
What is the Activity Register/Tab?
Located on the parent and child dashboards, the Activity Register/Tab is where a parent or child can see every transaction (chores, money earned, shared or invested). This is also where a parent can disapprove payment for a chore not completed correctly.
What If My Child Said He/She Did Something But It Wasn’t Done?
A parent has the option to remove a chore or activity from the weekly allowance through the “Activity” Tab 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 very simple. 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.
You may notice the weekly balance going to $0 on Thursday but this is normal. The funds are just moved to prepare for Payday.
Is Friday The Only Day I Can Pay Allowance?
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 will take 1-2 business days before it shows up in the child account.
How Can I Change Percentage Of Allowance Going To Each Area?
Currently the percentage can only be changed from the parent portal of the web-platform (www.busykid.com). Click “Allotment Settings” above the balance box. The three areas can be any number you wish but it must add up to 100%.
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”. We have provided some highly requested charities that would love support, however in the future, we plan to provide others.
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. It’s important to know that there are no text messages to parents when money moves between these areas.
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 stock when going through the BusyKid platform, but there is a small fee when selling stock through Stockpile.