Have you ever wished you had magical help in your household to teach your kids about good financial habits while you covered duties of your own? Rest assured as technology has come to help with apps like Busy Kid providing safe and real-life management experience.
We are all aware that promoting good financial habits is not a very appealing conversation to kids. Sometimes, it is as difficult for the kids as it is for the parents.
It is no secret that creating healthy financial habits takes a lot of work and cooperation in the relationship between parents and kids. What if we told you that this easily available app provides a place for your kids to practice their skills all while doing their chores?
Perhaps you wouldn't believe this bold statement, but hear us out. There are several reasons we will cover to figure out why it is that parents across the world are choosing this popular option in handling a very delicate and important topic for their families.
Raising financially responsible children
While most of us grew up with vastly different methods than those used today in terms of learning the basics of quality money management, there are more tools to explore as of now.
Regardless of how you decide to promote good financial behavior in your family, statistics demonstrate that kids pick up on financial management already by the age of seven. While this might seem too early to start having such talks, it is proving itself to be necessary.
Having such conversations with your children should not be burdened by money-related concepts they cannot yet comprehend, like banking crises, inflation, stocks, and more.
What it does mean, though, is that you should start slowly introducing your kids to concepts such as saving, spending, investing, and even earning - when they are old enough to do so.
It is a fact that the fast-paced life we are living is asking for a more modernized approach to traditional challenges, even in parenting. Safe and reliable apps that offer good oversight for parents and a controlled environment for kids have taken the world by storm.
What is Busy Kid?
Busy Kid is both an app and a debit card that gives your children a safe training ground for practicing responsibility and financial literacy. It also comes with added value for the parents.
Busy Kid is a chore and allowance heaven, and a highly trusted platform online. It comes with a price tag of $3.99 per month, or $38.99 for a yearly plan.
Busy Kid also comes with its own teaching tool, while allowing you to monitor your kids' financial behavior as well as their success rate in meeting household chores. Once a chore is complete, you can release your children's allowance onto the debit card.
It is entirely up to you to choose when the allowance is deposited. The debit card can then be used either online or in person, always giving you the necessary insight.
The card and app is suitable for children between the age of 6 and 16, and being that it is a Visa debit card, it has the protection that any other Visa card has too.
Benefits of using Busy Kid
Busy Kid is a great choice for technology loving families, and those who do not want to go for an all-cash allowance system. While you can't always tell what your kid does with their cash, a debit card will do just that - give you an insight into their spending habits.
It is important to note that you will not be in charge of either approving or denying your kid's purchases. This is where you will rely that they are being taught good practices.
While giving your children financial freedom might seem scary at first glance, it will allow them the necessary space to make good and bad calls. Consider all of this as a great real-life learning experience, where you can keep mistakes at a small-scale.
Is Busy Kid safe?
Yes. Busy Kid is absolutely safe for use. It is an award-winning pioneer in the world of finance and financial literacy for kids. As we have mentioned prior, giving your children good financial skills is essential both now and in their future.
This app will give you the teaching you wish and the oversight that is necessary to make sure things go in order. We highly recommend giving Busy Kid a try.