![]() ![]() The upgraded version, Rooster Plus, covers the whole family for $18.99 a year and tracks everything from chores and tasks to savings goals. Their basic platform (virtual tracker) is free and geared toward kids as young as 3. One of the most comprehensive family finance apps around, Rooster Money is feature-rich and thinks of everything. While many of them are aimed at the 6-12 crowd, only you know which will be best for your child and their financial capabilities. Here’s a look at some of the best money apps we have found for younger kids. The right money app can help guide your kids by tracking their spending, updating their available funds, and allowing you as the parent to keep an eye on where their money goes while teaching them to analyze where their dollars go. These are great lessons for children and adults alike. Learn to live without some of your wants. Spending Responsiblyĭon’t spend what you don’t have. Once they (or you) are ready, you can even open an investment account for them, which will benefit from even more years of growth. Older children can start learning about the value of investing long before they’re ready to build their first portfolio. Whether you simply want your child to set aside a portion of their earnings each month or they want to buy a pricey toy, lessons that involve savings make it easier. Many of these money apps can help drive those lessons home. I regularly work with my 8-year-old to teach him the difference between short- and long-term savings and develop the patience required for each. ![]() (Many adults could stand a refresher on that last one, too, if we’re being honest.) Saving This means knowing where they stand financially, what they can afford to spend, planning for big expenses in advance, and learning how to say no. Whether 6, 16, or 26, it’s important that your children learn how to budget. Some make it easy to automate funds on a weekly or monthly basis while others allow you to assign tasks that your children can check off once complete. ![]() Managing Allowance and Choresĭo you want to give your child a regular allowance? What about offering money in exchange for household chores and tasks? However, regardless of how old your children are or how long they’ve been learning about finances, there are a few specific areas of focus to consider when browsing apps. The financial app(s) you choose will vary depending on your child’s age and experience with money. (Personal Capital is now Empower) Key Lessons ![]()
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