BusyKid is an app that helps teach kids how to manage money they earn by doing chores. Not only that they also work as a debit card fo your kids, once chores are done and allowance is paid, kids (age 6-16) work within the app to decide whether to save, share, spend or invest it.
Continue reading below to learn more on how you can help your kids with money management.
BusyKid Features
BusyKid helps teenagers and kids develop basic, yet important, money management routines they will be needed as adults, including the use of a debit card.
Kids learn best when doing, and that’s why BusyKid is great at building sound money routines in saving, spending and investing in stocks. The app is very easy to use and the best part is that your busy kid will be motivated to keep using it.
As a parent you are able to:
- Set up/manage accounts and chore schedules for the day, week or month.
- Set chores and allowances based upon ages.
- Receive real-time push notifications to approve paydays and money transfers.
- Send bonuses for outstanding achievements, work or just because.
- Follow all activity on detailed activity stream, including any card spending using the debit card
- Set allowance to be paid weekly or twice a month
- Set allowance to be paid without chores being completed
- Match a weekly savings amount
- Lock money movement between Save, Share & Spend areas
- Receive up to five BusyKid Prepaid Visa Debt Cards with a family subscription
- Select from 11 special designs in black or white
- Set Spend Card alerts to protect against low balances
- Set temporary hold on any missing Spend Cards. Easily order new cards within the app.
While your children can follow the chore schedule assigned and see their allowance balances to personally manage money in the Save, Share, and Spend areas. They can also:
- Donate to available charities
- Learn to manage invisible money by using a the debit card to make purchases online or in stores
- Transfer funds to get real cash from a parent
- Follow all account and card activity through a personal activity stream
- Receive a bonus from a parent for doing great work or an outstanding performance
- Develop important money management routines through real decision-making
BusyKid uses bank-level security and funds are insured by the FDIC.
BusyKid Fees
BusyKid is $3.99 monthly for using their service. You’ll get access to the app and up to five debit cards. If you pay annually, you’ll save 20%. And if you’re still not satisfied, there’s a 30-day money-back guarantee.
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Conclusion
With BusyKid, you can help your kids start with a money management routine and learn more on how to manage their own financial lives by earning, spending, saving, sharing, and investing from an early age.
