Many parents avoid introducing their children to money from an early age because they think they are too young for it. However, it is exactly the opposite, experts and psychologists believe that if you teach children financial literacy, creating a savings plan, rational spending, and social sensitivity from an early age, you will prepare them for a carefree future. Therefore, as soon as possible you should set them up with the tools they’ll require. This should include a credit or debit card in their name and a money education app to help them understand money to become more financially literate. This will help them build their self-confidence and acquire responsibilities, and of course, bear the consequences of their actions.
What makes them special?
There are quite a few things that make them stick out, in addition to teaching children how to manage their resources and create their own savings plan and goals within it, they also teach them responsibilities and performing tasks and obligations within households, the community, and curricular and extracurricular activities.
Parents open an account in the name of the child by providing basic personal information about the child, such as name, surname, place of birth, and place of residence. After creating an account, they activate it by adding funds into it, and the account is ready for the children to use.
What can children do with this offer?
Children can receive pocket money, earn extra by doing part-time jobs, spend, transact online, look at investing for kids, donate to those in need and or simply save for a rainy day. At the same time, by teaching them these lessons, children learn how to perform tasks, chores, and duties through personalized tables easily adaptable to each age of the child. Children perform tasks in a given period and receive positive or negative points based on their results. This is a great way to teach them that their decisions must bear certain consequences if all tasks are not completed within the given time limit.
The best choice for your children
There are a lot of options, and you need to be careful when it comes to the right choice for your family. Certain options do not guarantee complete privacy for your children, some are more expensive and some are cheaper, and not all are easily adaptable to every child.
We will single out those that are recognized and accepted by parents and enable your children to become financially educated people with a diverse set of skills.
The ones that are currently the best on the market are BusyKid, Copper, and FamZoo.
BusyKid
BusyKid is the first choice of many parents, an application that teaches children savings, skills, and responsibilities within the household and community. The monthly fee is $3.99, and with the annual fee of $38.99, you save as much as 20% which is quite good. This offer includes 5 cards, and the minimum age of children is 6 years and beyond. Through BusyKid, children can earn, save, spend, invest and donate to over 200 humanitarian organizations that have a contract with them. What BusyKid has that other options do not is the possibility of third-party payment via QR code with the BusyPay option. This is ideal if your child has a side job, mowing the lawn, looking after pets, walking dogs, or babysitting. In this way, employers can deposit directly into your children’s accounts. Parents have full control over the activities that children perform on the account.
Copper
Copper is another excellent option whose target group is 13 to 19 years old. What is special about it is that it does not charge for its services, that is, it is completely free. The application is designed to teach children financial literacy, there are financial quizzes within the application that children can play and get an additional percentage of earnings.
It was designed for free so that it can be used by those children whose parents do not have enough money and would like to teach them how to handle and save it.
FamZoo
FamZoo chores and allowance application, the target group is from 6 to 22 years old. This option is a little more expensive, where you will have to pay $5.99 for 4 cards, and each subsequent one is $2. There is a possibility of a free trial in the amount of one month. Parents can set up bans for their children on those companies and brands that they consider inappropriate content for their children. Kids can save, shop, donate and earn money through this option. Children are taught the basics of financial literacy, all under the supervision of their parents.
