Financial Applications for Children - By Jennifer Hester Hall

Jennifer Hester |

For kids, the digitalization of money is a mixed blessing. On the one hand, apps and games make it easy for kids to learn about money in a fun and engaging way. On the other hand, many kids have a hard time internalizing basic concepts like spending and saving if they don’t get some experience with paper money and coins first. However, money apps can be an excellent teaching tool once kids know how cash works. Much like the budgeting apps available for adults, kids’ money apps make saving more fun and easier to track. Below are three that stood out to us. 

Allowance - A+ Allowance is unique because it is built around a payment system for chores. This free iOS app encourages children to learn that they must earn their money, and then it helps them manage and spend it. You can pick your child’s weekly chores, and it will assign an amount for each that you’re free to edit as you wish. It tracks completed chores and earnings, and divides weekly sums into 10 percent giving, 10 percent investing, 10 percent savings and 70 percent spending.

Kids Money -  Free (Ages 5+). Fairly simple, this app allows users to input the cost of the item that they are saving for (like a bike or iPad), the amount of pocket money and gift money available (from birthdays or holidays), and then it calculates how much the mini consumer needs to save and how long it will take. It's a good one to have on hand during shopping excursions when kids are tempted by, well, everything.\

Savings Spree - According to Forbes, this financial literacy game won the Parents’ Choice Gold Award for teaching children about how daily spending decisions can add up to significant costs or savings over time. The app enables kids to set budget and savings goals, and teaches them about the importance of spending money on high net-gain purchases.