We recently heard about a new app to help keep your kids busy and also help you control and manage chore completion and allowance payments. The app is called busy kids and it is available for both Android and Apple devices.
As a parent to three young children who are just reaching the prime age for chore assignment, I have struggled with the best approach to ensure completion of the chores as well as timely payment of allowance. In addition, I have pondered a whole host of other questions as well. Such as, How do I determine what is the appropriate pay for each chore? Do you give out partial pay for partial completion? How do you track completion? What is the best way to monitor chores on a week to week basis? What is the best way to help my kids understand saving and investing?
As a family, we have discussed getting a white board to help track weekly chores and I am certain that would work, but in today’s digital world, certainly there is a better way. In addition, the white board will not help teach my children about saving, direct deposit, investing, and donating their money. This is where the Busy Kids App comes in. It allows you to track chores, pay via direct deposit, provides your children exposure to various charities to which they can donate, and teaches them about budgets and spending in a responsible way.
You can sign up on their site for a very low price of $14.95 per year, but you do receive a 30 day free trial first.
Some important quotes from their site:
“Seems simple but 39% of Americans admit to having zero dollars in a savings account. 57% say they have less than $1,000 in a savings account. With BusyKid, children can now easily developing a routine is simple.”
“Having millions of dollars won’t mean a thing if you don’t spend it wisely. Just ask all the former millionaires who have nothing now. The BusyKid platform gives children hands-on budgeting experience by letting them make decisions on how to move and spend their allowance. With a touch of a button, kids easily get cash from parents, buy gift cards or use the BusyKid Spend Card.”
“BusyKid is the only app that allows children of all ages to use allowance to buy real stock. Want $10 of Apple, $15 of Google or $20 of Tesla? Now you can. Help teach your children learn to invest small a few dollars at a time.”
As my kids are about two to three years from really being able to utilize this app to the fullest, we want your feedback. Have you tried Busy Kids? Is it valuable to you and is it helping you to teach your children critical financial responsibility?
Let us know in the comments section and we’ll feature your feedback in our next newsletter!