BusyKid is a genius app created by a father of six. No matter how old your child is, you can teach them about how to manage money and track their chores at the same time.
Kids can earn, save, share, spend and even invest their earnings, which teaches them about building a strong financial routine.
It All Starts With Earning
The app is built around kids earning money and then choosing what to do with it. Parents can set up chore charts for each child in the home. It comes complete with preset allowances assigned for each chore based on the child’s age, which parents can change. Kids also get paid via the app, and parents can allocate how much the child can spend, save or share.
Kids can download or login to the app to check off chores they’ve completed, view their next “pay date” and more. If your child has their own bank account, they can move the money there, or you can order them a BusyKid card that will give them the freedom to spend their money. The BusyKid Visa Prepaid Spend Card is $7.99 per year.
Kids even have the option to invest their savings into real stocks or donate to one of twenty+ charities! On top of chores, parents can also pay bonuses to kids through the app for any reason they want. If the child has done an outstanding job keeping up with their chores, brought home a great report card from school or anything else noteworthy, parents can show their appreciation through bonuses.
If you haven’t noticed yet, this all works very similarly to how you as an adult gets paid. You go to work, get paid and decide where to allocate your money. If you don’t go to work, you don’t get paid.
The app teaches your child about managing money while giving parents control. When kids move the money outside of the system for cash, stocks, donations or shopping via the BusyKid Spend Card, parents must approve the transactions.
The app not only allows you and your child to keep track of chores but also gives you a “real-time” look into what the child is doing. The activity feed shows a detailed history of all chores completed by each child, paydays and transactions, including transactions on the Spend Card.
All in all, I wish this app were around when my kids were younger!