Top 5 Apps to Teach Your Children Value for Money

Today’s children have different understanding of money than the previous generations just because of their overexposure to technology. It has some disadvantages though it has so many advantages. So why don’t you make use of those advantages? By using technology you can let your children know the importance of money, ins and outs of spending, saving and investment, and also teach them to value for money.

Although finance is pretty drab to the children, yet you can make it tangible and fun for them using different apps. Here is a list of pecuniary literacy apps that you can utilize to let your children have visual lessons of money management and implement it in their life.

Boy with coins

  1. Allowance apps – There are a number of apps that can help you manage your children’s chores, allowances and spending habit in a fun-filled interactive manner. Some apps are equipped with artificial ‘banks’ for every user; the banks are divided into spending money, savings etc. The apps provide options to add a custom bank. Some allowance apps allow users to set automatic allowance payments that can be tied to completion of the chores. Thus, if the tasks aren’t checked off, the money won’t be transferred. Options of setting goals and getting rewards are encouraging for the children. They can see the advantages of saving money. Any update and change made by the children will appear on your phone so that you can easily track their activities and manage them accordingly.
  2. Money games – If you search the app store of your smart phone with ‘money games for kids’, it will show a wide array of apps especially created to teach kids identify coins, add them and make changes, if wished. Some games are designed for the children aged 4 to 8 and complements elementary level math with real-time shopping scenarios.
  3. Bank apps – These apps comes really handy and useful if your child understands the advantages of having a bank account. Children can have real-world experiences of managing own finance using bank apps. The apps come with colorful charts and displays, and also interactive features that enable children to easily learn money management according to their age.
  4. Financial education apps – Many educational institutions and financial edifying communities offer different simple, child-friendly apps to teach children fundamentals of saving and spending in a wise manner at an early age. Such apps are mainly designed for kids aged 7 years and above. The apps teach how to save money to meet both short-term and long-term goals, spend intelligently and keep aside money for higher education. In a nutshell, financial education apps teach children save money for the hard times.
  5. Board games – Traditional board games are wonderful means of introducing long term fiscal concepts such as debts, budgeting, mortgages etc. to the children. Usually, such games provide colorful 3D gaming experience to the users.

Discussed above are top 5 financial apps that help children understand the importance of money and how to value for it in a playful way so that little brains can have grasp of financial matter.