My parents were always very good with teaching me about money. I understood saving money, and even having good credit at a young age. My husband's parents, not so much. And school was only so-so. So where else can you learn?
Not surprisingly, there are apps out there to help. Which is great, because who doesn't need help teaching finances to their kids? (I'm not raising my hand, because I need the help!)
Kids Money (for kids 5+). This is a FREE app on Apple products that teaches kids how to save. Your child will set a savings goal (money toward a new video game for example) and how much they will contribute. The app then shows them the time frame it will take to save for that goal. Learning how much time and planning the expense takes to responsibly save for items they want helps children learn delayed gratification and appreciate the process and the prize that much more.
PiggyBot (for kids 6-8). Kids can visualize their savings in a virtual piggy bank and track their allowance. It's free on Apple devices.
Renegade Buddies (for kids 6-11). This shopping game helps children earn ‘buggie bucks’ to apply toward savings and investment decisions. This one’s so fun, you might find yourself getting sucked into it right along with your child. It's FREE for iOS and Android.
Savings Spree (for kids 8+). This deluxe Parents’ Choice Award-winning app uses engaging visuals to promote healthy financial habits, teaches the cause/effect relationship of financial decisions, and helps children grasp the emotional and psychological implications of money and assigned value. You can purchase it for $5.99 on iOS devices.
Fam Zoo (for kids 13+). Using pre-paid debit cards, parents set up a bank account for their kids that records their savings, spending and giving choices. Although children younger than 13 can certainly participate, the makers recommend parents retain main responsibility.
Busy Kid. The app allows parents to list a series of customizable chores. Parents set the price for each chore and kids check it off when they are done.You can create chores to reward behavior — like brushing your teeth, work on vocabulary, practice playing the instrument. (yearly subscription is $14.99)
Rooster Money. This app lets kids keep track of their money while Mom and Dad oversee what goes in and out.
PennyOwl (for kids 8-12). PennyOwl Allowance is award-winning and ensures kids develop good money skills from a very young age, teaching them how to earn money and to save money for the future. It blends financial education content with the real money experience of allowances, ensuring children develop good financial habits earlier. PennyOwl is FREE.
These are just a very few. Do your research and see what works best for you and your kids.