5 Apps To Motivate Your Tweens & Teens To Save Money
Managing money and financial literacy are essential skills for life. Money management is a learned skill and therefore, every tween & teen has the ability to be successful at managing their money.
Thankfully, in today’s world of technological advancements, there’s an app (or 100) for that! Since tweens & teens are well versed in today’s technology, it doesn’t take long for them to catch onto something and be successful with it.
This post reviews apps that are geared mostly towards kids between the ages of 9 and 15. I find that older teens are intelligent enough to use the financial apps reviewed in a previous post and tailor them to their needs.
Below are 5 money management apps geared towards tweens & teens
1) iAllowance Lite
Allows tracking of allowance, chores, extra jobs, and just about anything else you (or they) can think of. The app takes you through a quick walk-through of the setup process where you add kids, assign chores and values per chore. Allowances are paid automatically on a fixed schedule. Since chores and allowances are separate and don’t depend on one another. Parents can add money for additional jobs performed. I don’t like that the funds show in USD and there is no ability to change it for Canadian users. Overall, a good app for money management. Available only on iOS.
Allows an unlimited number of family members, unlimited number of “jars” (budgets/savings goals) custom permissions and optional completion confirmation by parents. The downside is that there a cost of $2.79 per month or $21.49 per year which is automatically charged to your iTunes or Google Play account. While there is a cost, this app is structured very well and easy to use. Available for iOS and Android.
3) Chore Check
Focused on teaching money management by completing assigned chores. Allows you to assign different chores to different kids, track completion and value per assigned chore. Kids can “steal” chores from one another (if the parent has identified them as “stealable”). Each kid has their own dashboard and checks off each chore they complete. Options to set chores as weekly, monthly and one-time. Kids also have the option of splitting their earnings into spend/save/donate categories. Available on iOS devices only (Android app expected in early 2018).
Gimi is another great app and it was created specifically with kids in mind. Parents set up each kid and identify a weekly or monthly allowance plus additional chores on which they can earn money. Kids can set up savings goals for things they want to buy or any other reason – they choose! Also, parents can add an interest rate to the piggy bank to motivate kids to keep saving. Another great (optional) feature is having the kids show photo evidence that they have completed a chore. This app is available for iOS and Android.
5) Bank of Allowance
Each kid receives a virtual chequing and savings account (just like in real life) and can transfer funds between accounts and even earn interest on money put in their savings account (optional feature at parents’ discretion). Parents chose the frequency of allowance (just like a paycheque). There is an area for required chores (the ones kids must perform to earn their allowance) and extra chores (the ones they can earn money for). Available for both iOS and Android users.
We live in an ever-evolving world of technology, and I love using the tools that kids use every day to get them excited about financial literacy. We, as parents, need to teach our kids the difference between wants and needs, and what better way to do that than to instill responsibility in them at an early age? Don’t overwhelm your kids with a HUGE list of chores. Leave out the simple ones (ex: do your homework) as those are everyday responsibilities. If you include too much stuff “to do” that doesn’t provide a perceived value to them, your kids aren’t likely to use any app you suggest. And remember to assign age-appropriate chores, and give them harder tasks as they get older.