Finding a budgeting app for kids
Teaching Children financial literacy using a budgeting app
Budgeting apps have become essential tools for adults looking to manage their finances effectively. These apps help track expenses, prioritise spending, and prevent overspending that could lead to overdrafts or debt. They offer a clear view of one's financial situation, making it easier to stick to a budget. So why not use these for kids too so that they can learn essential skills from early on?
Introducing budgeting apps designed specifically for kids can be a game-changer. These apps help children learn the value of money, the importance of saving, and how to manage their finances effectively—all skills that will serve them well throughout their lives. Budgeting apps are one way to teach your children financial literacy. By starting young, children can develop better money habits than many adults have, setting them up for financial success in the future.
Change their view of money management by making it engaging and showing them they can control their own purchases if they do it well.
Finding a budget app for kids…
Natwest Rooster Money
This app allows kids to track where they are spending their money and visualise their savings goals by adding pictures of what they are saving for, whatever it may be. Easy-to-read statements are also provided so kids can start to understand the details of how to use their account.
Up to £50 of payments and withdrawals are free. For basic features the account is free however to gain access to more it will cost £1.99 a month.
GoHenry
A popular app for kids money management as it combine practical management tools with educational content. Money missions will be offered providing engaging videos and quizzes designed to teach kids about smart fun in a way they will enjoy.
Parental controls are also offered, allowing parents to receive alerts about any activity on their child’s account. Get your kids to set savings goals and sent them pocket money allowing them to learn
The cost of GoHenry is £3.99 a month, making it a bit more expensive but well worth it for the comprehensive educational features.
Gimi
A free option when choosing the basic account, an updated version will be £2.99 a month for more features. These include the ability to add savings goals, access to lessons and materials on money management and savings tips. Gimi allows kids to see their virtual piggy banks helping them understand what they can afford.
Pigby's farm
One for the youngsters who learn through play, Pigby’s Fair is an introduction to money management including saving, prioritising and healthy spending. This free virtual games gets kids managing their own stall as the fair where they have to manage stock and make financial decisions. They will learn the basics of managing virtual money before they get hold of real money.
