Teaching your kids healthy money habits early is a fantastic way to set your kids up for adulthood. The value of saving and spending can be taught through banking apps designed just for kids. A kids’ banking account helps children build their savings and learn about money. Children that have bank accounts have the perk of no monthly maintenance fees and no opening deposit minimums. Your child can track their own spending habits through the banking apps designed for their specific bank, and learn to identify important and unimportant purchases.
Learning to successfully use a debit card is only the beginning of your child’s money management journey. Teaching your children to save can also be beneficial in the long run. We are accustomed to borrow and pull huge amounts of credit for larger purchases, but paying cash for them can be possible with some effort. For example, saving $500 a month for 20 months will be enough for you to get a $10,000 car. Save $4,000 a month for 5 years and you can get a $230,000 house (not including closing fees)!
These 4 banking apps can help your little ones kickstart their savings for that imaginary candy store they want to own!
Bankaroo
*IOS and Android
*Ages 7 and up
A child by the name of Danielle Gafni, a honor student who is 11 years old was looking for a way to track her money. She created Bankaroo. The app is a virtual bank account. It teaches kids about money and its value.
Bankaroo features multiple currencies and can even set goals.
Famzoo
*IOS and Android
*Ages Preschool through college
This app features prepaid cards for free. It helps with your child’s financial education. The app tracks chores and odd jobs, and helps keep kids on budget. Manage allowances, also teaches the power of compound interest.
Greenlight Debit card for kids
*IOS
*Ages Preschool through highschool
Greenlight is a debit card for kids and teens that parents manage through this app. Parents can choose which stores their children can spend their money, manage chores and allowances, set parent paid interest rates on savings and more. Kids monitor balances, create savings goals and learn to make real world trade off decisions.
BusyKid
*IOS and Android
BusyKid is a chore app that allows you to pay your child on a weekly basis for the task they complete. The busy kid visa prepaid spend debit card is one of the many ways they can use their hard earned money.
With these options for child banking, which kiddie account do you think suits your child best?