5 useful apps that will teach children to manage money efficiently

Learning to manage your own finances helps in more ways than one. Those who have made the effort to do so know that it isn’t an easy job. Like it’s said that it takes a while to cultivate good habits. This is one such habit, which takes quite some time to develop. Kids are too young to understand the value of using money wisely because they do not know how hard it is to earn money, but that doesn’t mean that as parents we should let them be careless about money-related matters. If money managing habits are cultivated at an early stage, it would benefit them immensely when they grow up. Also, as parents, you surely do not want them to learn things the hard way. Merely reproaching kids for frittering their allowances will not exactly teach them why they should spend wisely. 

Parents could read some simple money management articles (like this one) or books teach them to bargain with the local vendors and also, introduce them to the following apps which would help them immensely with money-related skills:

1)      Piggybot: This app is the digital and improved version of our old-school piggy bank. It helps kids manage their monthly pocket money by keeping a track of their expenses. This app is ideal for  6-10 year old kids. The only possible con of this app is that it is only available on Apple devices.

2)      Renegade Buggies: What better way to teach your kids how to save than making them play games related to the same?  This shopping game teaches kids how to make optimum use of their pocket money, save and investment. The app is ideal for kids of the age group 6 to 12 and one could download the app for free on any Android or Apple phone or tablet. 

3)      Green & trees: Unleash the Loot! : In this game kids have to use a limited budget to save their favourite animal. They have to buy food and other necessities for the animals for rescuing them. This game is suitable for kids of the age group 5 to 8 and is available for free download on iOS and Android devices.

4)      Celebrity Calamity: Kids are in-charge of managing the money of celebrities who love to waste money and live uber-luxuriously. Kids get to experience the repercussions of carelessly spending money through the game. This game is available for free download on iOS and Android devices. Kids as young as 6 and old as 14 can have fun playing this one.

5)      FamZoo: Parents create bank accounts to keep a track of their children’s spending and saving habits. The app helps parents to teach kids how to use their money responsibly. Kids over 12 years of age can use this app. FamZoo can be downloaded and installed for free on all iOS and Android devices.

Teaching kids the value of spending and saving wisely is only a touch away.