Top 5 Apps to Teach Your Children the Value of Money

Today’s children have a 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 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 them in their life.

1. Allowance apps – Several apps can help you manage your children’s chores, allowances, and spending habits 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 the 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 smartphone with ‘money games for kids, it will show a wide array of apps specially created to teach kids to identify coins, add them and make changes if wished. Some games are designed for children aged 4 to 8 and complement elementary-level math with real-time shopping scenarios.
3. Bank apps – These apps come really handy if your child understands the advantages of having a bank account. Children can have real-world experiences of managing their 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 the fundamentals of saving and spending wisely 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 to 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 a colorful 3D gaming experience to the users.

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