8 best money apps for kids

What is a money app?

A money app is also known as a cash app. These apps teach you to be financially literate. They also ensure that you can save money and supervise your spending.

There are money apps that your kids can use. With these apps, you can monitor how your kids spend money. Some of these apps come in form of games that show your kids how to use bank accounts.

Certain money apps come with prepaid cards. You can set limits on these cards so that you can control how much you or your kids spend. With these apps, you not only teach your kids financial literacy, but you also get them ready for living in a cashless society.

Can kids use a money App?

Many people ask if kids can make use of money apps. If they couldn’t, why would we have so many money apps for kids? Do you know that some of these apps even allow you to pay your kids for completing chores?

Let’s take a look at some benefits of money apps for your kids.

Savings

Many adults today find it difficult to save. It isn’t their fault, they just didn’t develop the culture at a younger age. Well, you can save your kids from the same ordeal with the help of money apps.

Money apps act as a virtual piggy bank. This way, your kids will learn to save money over some time. You can even take it a notch higher by rewarding them for their saving culture based on specific plans.

Money management

Saving is one thing, being able to manage money is another. With money apps, your kids will learn how to manage money. They will understand that they don’t have to spend all their money at once.

Furthermore, they understand how to control their finances. This is very important to their financial discipline when they get older.

Reward for labor

Some money apps for kids allow you to reward your kids for completing chores. This means that you are not just teaching your kids how to save or manage money. You are also showing them that there is dignity in labor.

When they complete chores, you can put in something extra for them. This way, they appreciate the fact they have to work to make money and they can respect the process.

Investment

This is one of the most important benefits that your kids will gain from using money apps. So many people find it difficult to invest today because they are waiting for huge funds first.

With money apps, your kids know that they don’t need loads of money to start investing. They can invest the little they have and make dividends in the nearest future.

4 best money apps for kids on Android

In this section, we will show you the best money apps for kids on Android. We will also show you their main features and the cost of these apps. Let’s dive straight in.

Renegade Buggies

Cost – Free

This financial literacy app was developed some years back for parents to teach financial literacy to their kids. It is a game in which kids have to avoid obstacles while moving with their carts. As they move, they pick up coins along the way.

Where does learning come in? At the end of the kid's run, they have to decide on which item that was picked has the best deal. Kids need some knowledge of money and basic math to enjoy this game.

This app helps your kids to understand different financial values. For example, the more they can save, the more accessories and power-ups they can get. This instills the values of financial responsibility in your kids. Kids from 6-years-old can play the game.

Bankaroo

Cost: $2.99

Bankaroo is simply a virtual bank for your kids. You can tutor your kids about money and its value on this app. This app will instill several important values to your kids such as saving, budgeting, and setting financial goals.

The app was created by an 11-year-old by name, Dani in 2011. The goal at the time was to help kids manage their funds so they could become money-smart. Some of the features for kids include:

• Run an account that parents can fund periodically.
• Record expenses.
• Save up to meet financial goals.
• Set up recurring payments.

Parents enjoy the following features:

• Manually add funds to their kids’ accounts.
• Teach them how to spend by showing them how to make deductions from their accounts.
• Reward system for good behavior.

Kids of all ages can use this app. The parent has the responsibility of teaching them how to.

FamZoo Family Finance

Cost – Free

This app is one of the best money apps for kids on the market. It has even appeared in The New York Times and The Wall Street Journal. The app was designed to teach older kids how to take responsibility for spending.

It helps to understand how to budget, save, and of course, how money works. Each member of the family gets a card that they link to the app. The parents are the bankers while the kids are the customers. Some extra features include:

• Full parental control.
• Chore tracking.
• Learning to prevent debt on a credit card.
• How to handle money requests among family members.

Game of Life

Cost - $3.99

This app was designed to teach kids about paying college tuition and purchasing a family home. It has beautiful graphics and also allows multiple players. You should note that in-app purchases apply to this game.

Some of the features include:

• Chat with other players.
• Mini-games.
• Fast mode.
• Local play.
• Online multiplayer.

4 best money apps for kids on iPhone

These are the best money apps for kids on iPhone.

Savings Spree

Cost - $5.99

This app is fun, educational, and engaging. No wonder it has earned several awards including the Parent’s Choice Award. It has beautiful artwork which makes it easy for your kids to learn.

Kids enjoy several features like learning how to earn, spend, and save money. They also learn about impulse spending, long and short term savings, and several other financial concepts. Kids earn imaginary cash from playing even though when they make wrong choices, they can lose their money.

Celebrity Calamity

Cost - Free

This app is another award winner featuring different celebrities along with their spending habits. Some of the features kids enjoy from this app include:

• Managing the finances of their favorite celebs.
• Living within their means so they can enjoy rewards.

Kids will learn that spending recklessly attracts heavy bills that they must pay somehow. This game is very exciting while it instills financial discipline in your kids.

Green$treets: Unleash the Loot!

Cost - Free

This is one of the best money apps for kids on iPhone for several reasons. It educates kids while entertaining them using famous cartoon characters. The app focuses on feeding, rescuing, and playing with animals that are endangered. The ultimate aim is releasing them into their original habitat.

Kids earn money from planting gardens while they spend on buying decorations and food for the treehouse. Different cartoon characters present different financial burdens. Some features of the app include:

• Budgeting.
• Making donations.
• Setting financial goals.

Star Banks Adventure

Cost - Free

This app is designed for kids from 7-years-old upward. It mixes quiz questions with puzzles to teach kids different financial concepts. The aim is that they learn how to save. Coins saved can be used in purchasing game upgrades.

Some features kids enjoy from this game include:

• Asset allocation
• Financial planning
• Inflation
• Investing
• Saving

How can FamiSafe help your kids to better manage spending?

Conclusion

In this post, we have shown you different money apps for kids. Also, we have shown you why using these apps is necessary. In the final section of the post, we presented you with FamiSafe which helps to control the usage of apps.