Useful Money-Saving Apps for Teens to Form A Good Habit

Why Need Money-saving App?

We have heard over time that saving money is important and is the best way to stop yourself from going bankrupt. However, statistics show that less than 20% have an emergency stash or any form of savings in the bank. This means that saving isn't as easy as people make it out to be. Money-saving apps can make savings easier and have the following advantages.

• They are automated – You can connect your bank account to the app, and it automatically deducts the amount at a set time.

• They make saving easier – The apps include creative and fun ways to save money. When goals are met, a set amount can be saved.

• Interests – Several saving apps grant interest on the amount you have saved. This will encourage you to save more as you have more money than you would if you leave it in your bank account.

• No unnecessary deductions or charges for your account – Overcharge or hidden fees are not charged on your account, and every transaction is transparent.

Top 4 Useful Money-saving Apps for Teens on Android

Here's a list of recommended money-saving apps for android devices.

1. FamZoo

It is a robust app that not only teaches your child how to save money but educates them on financial literacy. As a parent, you have full control over your child's account and can send funds directly to the account. You can also order a prepaid debit card so that your child can use the app as a saving as well as spending accounts. Famzoo does not charge you for account maintenance or other overhead fees. It is easy to use, head over to PlayStore, download the app, and install it on your devices.

2. Greenlight

Greenlight teaches children that they can save more by limiting their spending. The app includes a monthly subscription of $4.99, and you have access to up to three debit cards. With the app installed on your child's phone, they can set aside money to save, shop online from trusted merchants, and make donations.

You can also limit where they can shop online by blocking certain merchants. At the end of the month, you can have an overview of how your child has handled their money. Funds can be set up so that they are automatically deducted from your account, and your child can also request funds.

3. Current

Currently is an all-in-one financial app for children. With it, your child can save, spend, or donate money. You also have access to all the transactions on their accounts and can block them from purchasing from certain merchants. The app includes a yearly subscription of $36, and with it, your child gets a debit card. You can also link your bank account to the app and set automated deductions to your child's current account. Children are also able to request money via the app, and it is released at the parent's approval.

4. Mint

The Mint app is aimed at creating financially responsible individuals. Although it is typically created for adults, children and teenagers can still use the app. If your child is a college student who has a checking account and some bills to pay, then this app is ideal for them. Mint helps your child manage all their accounts, investment, cards, and savings. It also gives accurate statistics of all your transactions, if they seem to spend more than they should or have exceeded their set budget, Mint sends a warning alert.

Top 4 Useful Money-saving Apps for Teens on iOS

We have also curated a list of apps useful for saving money and compatible with iOS devices:

1. BusyKid

This app is quite ideal for training your child on money-saving habits. It also includes several controls you can use to track your child's spending. As a money-saving app, Busykid is FDIC-insured, so you can link your bank account to the app so you can easily transfer funds to the account.

Your kid can benefit or earn money by completing tasks scheduled for the week, at the end of the week, or at a set time, funds earned will be released to your child's account from your account. You can also request a debit card via the app. Your child has immense possibilities via the app. He can make donations to charity, gift card shopping, stock investment, and so on.

2. Tip Yourself

With this app, children can learn useful money skills. It uses a reward system to save money and is quite fun. For example, if your teen works at a restaurant or completes a chore, the app encourages them to set aside a percentage for saving. This way, they do not spend all the money that they earn. The percentage can be fixed/automated so that deductions are made immediately after you receive funds. Teens can also use the app as an encouragement to complete a goal. For example, they can decide to save $5 if they do not finish working on their class assignment and $2 if they do.

3. SmartyPig

Smarty Pig is a savings app that is similar to a traditional piggy bank; only it is available online. The app is free, FDIC insured, and allows your child to set up multiple savings account. The app is quite useful to encourage children to save towards a goal or project; funds can be saved separately in a different savings account. The interest rate on the amount is relatively high compared to other saving apps. You can also track how much they save, and users can also contribute to other family members' savings account as long as they have the app installed.

4. Chore Check

Chore Check app is exactly as the name implies, children earn money when they complete chores at home. Funds are sent from the parent's account to the child's Chore Check account. As a parent, you have control over your child's account, and you can view their spending habits as well as how much they save.

The app also allows your child to make donations to charity but only at the approval of the parent. If you also want to link your bank account to your Chore Check account, you would subscribe to a monthly fee of $9; otherwise, the app is free to use. With the monthly subscription, you can set up an automated deduction of money from your bank account to your kid's spending or saving Chore Check account.

Conclusion

Teaching your child how to save at a young age helps instill good financial habits. You can make it more fun with the above-listed apps. Now you are not just telling your child the theoretical usefulness of saving but are rather teaching them creative ways to do so, which is far better.

The apps also provide essential data insight and analytics on how your kids save and spend money. This way, you have a clearer picture of their financial habits and can work towards improving it. A financially responsible child will make a financially and stable adult in the future.