It has always been difficult to get children to understand how money works. There are a number of apps that can help you manage your time better. Both Android and iPhone have various applications that are either free or low cost that can teach kids the importance of saving, budgeting, investing and managing their money in general. These apps provide users with the ability to save money, as well as improve their financial literacy.
There’s no doubt that mobile devices are everywhere these days. You see people using them everywhere you go. This means that we should try to understand and support kids based on their current situation, rather than expecting them to meet our expectations. There are a few apps that teach good financial literacy fundamentals to young people. It is more important than ever to have financial literacy as an adult in the United States as we are far behind other economies in the world. The transition from cash to electronic payments is not making things any easier.
It is important for young people to learn how to manage their money, including creating a budget, saving money, and investing. Understanding debt is also a critical money management skill. There are apps to help with financial literacy skills like budgeting, saving, and investing. Without proper money management skills, it can be difficult to break out of a cycle of poverty. Money management skills can help people save and budget their money, which can lead to financial stability and independence. There are even ways for low income families to save money, and smartphone apps out there can help with that too.
Teach financial literacy to kids using these smart phone apps
There are a few apps that can help kids aged 4-18 to learn about money management. There are apps that can be downloaded by either parents or kids on both iPhone and Android devices. There are several financial literacy apps available that are free to use or download.
Banzai! (Web Browser)
The workshop will teach participants how to budget, manage credit and finances, and plan for income and risks.
Banzai! is a course that teaches young people about financial topics they will encounter in adulthood. It is free and comprehensive, covering many different aspects of personal finance. You can access it on your computer or laptop.
The program is separated into three modules: Banzai Junior for elementary school kids, Banzai Teen for “middle school” or junior high students, and Banzai Plus for high school students. The modules cover financial literacy concepts that are appropriate for different age groups. The lessons are based on the types of resources and spending interests that each group would be expected to have. In elementary school, kids learn how to save money in a piggy bank. In middle school, they learn how to manage a limited allowance. In high school, they learn about part-time jobs and expenses like car insurance.
This course is a mix of regular coursework with games and simulations that require students to make decisions and balance limited resources. This financial literacy app is completely free and is sponsored by a network of banks around the nation. It does not have any ads or micro-transaction upgrades that can be distracting like in some other apps.
Bite Club (Web Browser, Android, iOS)
Through this program, people can learn about budgeting, using credit, and planning for retirement. The program is offered for free.
Bite Club is a game that teaches budgeting and spending through the creative tack of managing a nightclub. This isn’t your typical nightclub, it’s a club specifically designed for vampires!
The idea of an immortal vampire is more than just a way to make the creature stand out, it’s a way of thinking about managing money over a long period of time. The game starts out with a mode similar to the popular game Diner Dash, where you focus on making customers at the club happy. The next section is about financial management, where you have to figure out how to pay for business expenses, student loans, credit card debts, and saving for retirement, all at the same time.
Celebrity Calamity (iOS)
! This course will teach you how to budget and compare the costs of different items. You will also learn about interest and how it can affect your finances.
Many children look up to celebrities and want to imitate their lifestyles, but they don’t realize how much money it costs to maintain that lifestyle. Use celebrities’ love of money as a way to teach financial literacy. Celebrity Calamity, from the same team that made Bite Club, helps students learn about personal finance and money management. The game teaches players how to budget and make credit card payments while also providing entertainment value.
The students are in charge of a famous person’s life and book events for them that will make them a lot of money. They then help the celebrity successfully complete those events. As a parent, you will also help your children make good life decisions as they shop and handle their monthly bills.
Chore Bank (iOS)
The app provides users with skills related to income, money management, and interest. The base price for the app is $1.99, and users can unlock additional features for a $1.99 per six months subscription.
The Chore Bank app allows parents to create a list of chores for their children with dollar values attached to each task. This makes it easy to keep track of how much money your child is earning from doing their chores. Parents can put money into and take money out of their child’s virtual account. A list of possible punishments can be given to children, allowing them to choose something like doing an extra chore or being grounded for a day.
A one-time payment of $29 gets you the base version of the software, which is fully functional. Chore Bank Pro is a subscription that allows you to share your account between parents, sort your lists, and get automatic text message reminders.
Current (Android, iOS)
and expenses, Saving money, Writing a check At this financial literacy class, you will learn how to budget your money, use a debit card, understand your income and expenses, save money, and write a check.
Current is more than just an app, it’s an FDIC-insured checking account for teens. This account is FDIC-insured, which means that your money is protected in the event of a bank failure. It suggests using money in ways that will increase one’s wealth. This includes saving, investing, and other financial tools. Parents can give their teen a debit card that is linked to their account, so they can manage and monitor their spending. Parents are able to see everything their child does on the account and can limit how much money can be spent and what kind of purchases can be made. They can also block purchases from particular stores or certain types of products.
Income from an allowance or chores can be set up like a regular direct deposit paycheck, helping teens become familiar with the process before they get their first job.
Gen I Revolution (Web Browser, Facebook)
At this workshop, you will learn skills around budgeting and credit use. The workshop is free to attend.
The game casts players as secret agent operatives fighting against the “Murktide”, a wave of confusion that causes people to make poor financial decisions. There will be 16 missions and each one will last around 30 minutes. The objectives of this plan are to save for retirement, plan for a long-term career, and pay off credit card debt.
The game was designed to be used in classrooms, but anyone can also play it for fun through the website or Facebook.
Motion Math: Cupcake! and Motion Math: Pizza! (iOS)
This course will teach you how to run a business, budget, and do basic math. It costs $4.99 per course.
Kids learn about budgeting, income and money math by running a food-based business of their choice in the Motion Math games. The games are very detailed, allowing children to design their own cupcakes and pizza according to customer preferences. Not only do players have to keep track of their business expenses, they also have to find the perfect price point for their products and when the right time is to expand their business by adding delivery services and new locations.
The games cost $4.99 but there are no ads or upgrades you have to pay for.
Peter Pig’s Money Counter (Android, iOS)
Currency denominations are the different values of money that exist. For example, in the United States, there are one dollar bills, five dollar bills, ten dollar bills, etc.
Visa developed Peter Pig’s Money Counter as an educational freebie to help younger children understand the different values of coins and how to add them together. The challenges progress in difficulty, teaching children more complex concepts as they go. It is also good for learning about credit card and debt, which is a key financial literacy tool for the younger generation to learn.
The game not only teaches kids about the value of different coins, but also gives them interesting facts about how currency is made and its history. The recommended age range for this is four to seven, but some children may not be able to understand the concept of adding coin values until they are a little older.
Renegade Buggies (Android, iOS)
The class will teach students how to grocery shop effectively. The class is free.
Renegade Buggies is a free racing game that mixes fun reflex-testing action with basic grocery shopping skills. The goal of the game is to get to the finish line as quickly as possible while collecting as many coins and coupons as possible. There are various obstacles along the way that can make it difficult to reach the finish line. The game will eventually lead the players to a Dollar General store, where they will use the items they have gathered to try and complete a grocery list. It is important for players to compare prices and use coupons to save money.
Rento (Web Browser, Android, iOS)
This game teaches you about money, investments, and stocks. The price is free with in-app purchases for extra boards and characters.
For decades, Monopoly has served as an introduction to the ideas of investment and building equity. It’s hard to play the game on mobile devices. Over the years, Parker Brothers has approved several different versions of the game, but most of them have been taken down from app stores after a short amount of time for one reason or another.
Rento is a cheaper version of Monopoly that is almost exactly the same. Kids can play by themselves offline or online with two to four friends.
Savings Spree (iOS)
Skills taught in this course include understanding relative costs, long-term cumulative costs, and the importance of savings.
Savings Spree has been praised by various parenting and technology publications for its good work. This book is written to explain financial concepts to kids in a way that they will understand. It covers topics such as the accumulating cost of small luxury purchases, saving for emergencies, and how small savings can quickly add up to enough for big purchases.
The recommended age is seven years old. Kids play all sorts of little games that ask them to make decisions about spending, saving or investing. These games help teach kids about money and how to make responsible decisions with it.
Shopular (Android, iOS)
Duration: 2 hours In this class, you will learn how to compare prices and use coupons to save money. The class is free and lasts for 2 hours.
Shopular is a good app to introduce to people who are beginning to earn income and make independent decisions about their purchases. This application is good for budgeting on your smartphone. The app sends you notifications about deals and coupons from different stores, so you can compare prices and get the best deals. Shopping around at different stores and looking for sales and discounts is a great way to teach kids about saving money.
Stockpile (iOS, Android)
The app will teach users about investments and different business structures. It is free to use, but users will have to pay $0.99 per trade.
Investing is a difficult financial concept to teach young people because it is abstract and there are many complicated terms. It is very important to start early. Stockpile’s goal is to make it very clear to kids and young adults which brands are owned by which parent companies. For example, they would make it obvious that the Wonder Woman movies are owned by Warner Brothers, or that the Halo games are owned by Microsoft.
Stockpiling is a great way for kids to get involved in the stock market without having to spend a lot of money. For a small fee, they can buy fractions of shares in major companies and trade them as they please. The app has strong parental controls that ensure that both parents approve of every trade, as well as tutorial lessons to guide those who are new to investing through the basics and risks. A parent or legal guardian must sign up for an account on behalf of a minor.
Thrive n’ Shine (Android, iOS)
The skills that are taught are credit use, budgeting and retirement planning. The price for the course is free.
The Thrive n’ Shine app is a free app for Android and iPhone that helps students learn about financial literacy. In the app, students create a virtual avatar and are dropped into a colorful game world. In this world, they must navigate real-life financial challenges and decisions. Additionally, there are fun mini-games for students to play. The game includes financial decision points such as using credit, paying taxes, saving for major purchases, and setting aside money for retirement.