Ways to Save Money with Educational Apps
It’s never too early to teach your kids to save. Learning to save cash will help reduce the debt rate, achieve financial goals and make them responsible adults in the future. Imagine living without debt in your credit card or enjoying an already paid off mortgage debt and car loan debt. Well, you can make all these goals possible by impacting a culture to save, on our kids on ways to save money at an early time of age.
Gone are the days when discussing money topics with your kid was a taboo. Today, kids learn ways to save money from kids’ websites and other educational apps. It is now upon you to bring the lessons in practice so that they can understand the ins and outs of cash. Besides, there are many finance apps designed to help kids. Below are some of the best free or low-cost apps you can install on the iPad, Android, or iPhone and start teaching them on ways to save money.
1. P2K Money
It aims to meet your young one’s financial needs. They can start to monitor their income inflow plan from sources such as paying after completion of chores or allowances you give them. They can upload a picture of an item they wish to buy. It will act as a reminder or goal they have. The app keeps an account of their shopping. Thus, your kid will be able to monitor and decide whether their investments were wise or not. P2K Money is compatible only with the iPhone, iPad, and iPod smartphones.
Features of P2k Money
- They can use it as a budgeting tool
- It’s a significant saving tool
- It has a wish list option to keep them motivated to their savings goal
2. Kids Money
There is no more natural way to teach your kids than through the use of fun. Kids Money applies this idea into providing a beautiful, engaging, and educational app. it has an impressive display that is also simple to operate over time.
Your kid will get to apply valuable knowledge on saving both for short term savings plan and long term savings plan. For instance, if they plan to buy & pay an item, they will be putting down the price and their estimated daily earnings. Kid’s money will then assess and guide them on the appropriate measures to save so that they can meet their savings targets. It will also determine the expected purchase date
Features of Kids Money
- It offers easily adjustable timelines
- It promotes long-term planning
3. Save! The Game
The inspiration behind the invention of this app was to teach kids about the risk of impulse shopping. Your kids start to learn the difference between what they need and what they want. It is a fantasy 3D game where your kid plays and collects as much money as possible. However, they have to avoid losing their money with the “I wants”. They get to learn that living their life within your means is the most rewarding zone. Also, they learn that spending recklessly strains the budget with hefty bills, which they will still have to pay eventually. All in all, the game is both exciting and gives essential lessons on accurately managing finances all their life.
Features of The Game
- You can also get these exciting features from their website
- It has a 3D interface.
4. Bank of Mom
The app aims at helping you have more control over your kid’s expenditure. Your child will also get to understand credit better. You pay your child for completed chores or put in their allowance in the app. When they need to spend the money, they will make a withdrawal request from the savings which you govern. Thus, you will get to know if your kid spends their cash on playing video games or at the mall and get to advise appropriately.
For instance, your kid could wash your car, and they can save the money earned in their bank. Later, they can then withdraw the funds for their use. The best part is that you can have multiple accounts on the app. thus, you get to monitor all your children with one app. Also, you get to email the transaction details.
Features of Bank of Mom
- You can manage more than one account
- It allows you to control your kid’s account
- It offers a line for virtual credit
5. Saving Spree
The incredible features of this app made it win a parents’ choice award in the genre of mobile applications. Saving Spree is a beautiful artwork that is simple to use. Saving Spree also offers a fun and engaging way to teach your kids about finances and how to save.
It offers practice sessions where your kid will get to learn the ins and outs of money. For instance, they learn tips on how to save money, spend, and earn. With saving, they get to understand the tricks to practical short term goal savings and long term goal savings. Also, your kid gets to learn the dangers of impulse spending. They learn about saving, investing and shrewd charitable giving.
All these lessons get imparted as the kid plays the imaginary game. They earn money when they make smart choices on their finances. They also lose money when they engage in impulsive spending and account for the wrong financial decisions. Besides, your child will get to understand inflation as it imparts surprising game events that cause economic shocks.
6. Celebrity Calamity
You are probably here because you want that perfect financial and investing app fit for the millennials. Well, this award-winning app will get your kid to understand about finances in a fun way. It features celebrities who have vast spending habits. As a player, your kid will play the role of managing their expenditures and finances. They have to avoid losing by spending within their budget.
When they spend more than they can afford, they end up losing the game. However, spending within their means will make them win and win rewards. Well, this game guarantees your little one will learn a lot about the financial world and keeps them engaged.
Famous publications such as The New York Times mentioned this app in their article. Do you want to assist your kids in being more responsible in their financial habits? FamZoo aims at helping kids to learn how money operates, the appropriate approach to budget and save.
All the family members will have a card which helps them access the app. the parents will be the bankers and the kids, customers. Every transaction carried out will be recorded, and the parents will have access to the transactions. Well, there is no better way your kids can learn about managing finances other than from a real life experience.
Features of FamZoo
- As a parent, you will have full control of expenditures.
- Your kid learns ways to avoid debts on their credit card at a young age.
- You can track your kid’s performance on chores or any odd jobs they partake
- Your child can quickly get to buy items online safely.
Final thoughts: Educational apps to help save money
With technology, your kid’s journey to learning about finances doesn’t have to be boring. It is upon you to choose the right app to teach your kids on ways to save money online. The list above should help you identify an appropriate app that will help make financial lesson your kid’s favorite subject.