Teaching your children about money is also simply the right thing to do. Tons of money apps for kids, teens, and young adults abound but which one is best for your family? Whether 6, 16, or 26, it’s important that your children learn how to budget. Now, if you’re considering a money app for your child, teen, or young adult, below are a few of our favorites. Kids and teens use their apps to learn about money management, banking basics, investments, and more?
Parents today have the opportunity to do so much more for their kids’ future, and they have the incredible tools - like money apps and platforms - to help them do it. These apps allow parents to pay their children for chores or allowance, track their spending, teach them about saving and budgeting, and even guide them into their first investments.
Here’s a look at some of the best money apps we have found for younger kids.
- 1. Kids Finance
- 2. RoosterMoney
- 3. GoHenry
- 4. Greenlight Debit Card for Kids
- 5. PiggyBot
Kids Finance teaches kids about finance and money matters. Parents use an in-app token called Ki-Fi to pay allowances and reward completed chores, and parents set the conversion between Ki-Fi and real money. The app has an option to combine it with a payment card with parental safeguarding options.
Kids Finance lets kids have more control over their money while making it easier for parents to supervise kids' spending and pay an allowance. The pocket money that parents choose to pay could be dependent on kids completing chores.
The app teaches children about saving money, interest, financial responsibility and the importance of contributing to family life.
Price: Free to use
Devices: iOS, Android
If we missed any of the Best Money Apps for Kids, tell us about them!
RoosterMoney is one of the best money apps for kids. This app teaches kids to keep track of how much money they have earned from their parents and how much money is still owed to them. Kids set savings goals and then see, through easy-to-use charts, how close they are to reaching those goals. The app includes a so-called “safe” option where kids can send money to a virtual safe, thereby teaching them to distinguish between short-term and long-term savings goals.
This virtual money tracker lets parents automate allowance money to ensure it’s delivered on a specific day. The app can also issue stars when chores are completed. With spend, save and give pots, kids can make decisions about what they’ll do with the money or the stars they’ve earned.
Price: Free 1-month trial, $2.49/mo after
Devices: iOS, Android
gohenry helps teach young people between the ages of 6 and 18 to spend, manage and save money. gohenry offers users a website, mobile app and debit card parents can control. GoHenry is a debit card and app in one. Parents can load up the debit card, automate an allowance, transfer extra money and set rules related to how kids can earn and spend money. In real-time, they can follow how much money their kids are spending. Kids can monitor their spending, set savings goals and donate money. And don’t worry about overdrafts. Kids can spend no more than what’s on the card.
Price: Free 1-month trial, $3.99/mo after
Devices: iOS, Android
Related: Best Allowance and Chore Apps
This banking app boasts features that your kids will like. These features include a personalized debit card and direct debit for allowance.
The Greenlight app is a good choice for parents looking to teach their kids the importance of saving money and being prudent with their personal finances. This app can be an effective learning tool for helping kids to understand why saving should be a priority and how to simplify paying an allowance or tracking chores.
Greenlight offers flexible parental controls for each child and real-time notifications of each transaction made. Greenlight is the only debit card letting you choose the exact stores where kids can spend on the card. Further, parents can open a custodial brokerage account to get their kids investing in stocks and index funds for the first time.
Price: Free 1-month trial, $4.99/month after
Devices: iOS, Android and Web
This app functions like a virtual piggy bank where kids save for a special purchase. They can post pictures of it and keep track of how close they are to making that purchase. They open virtual accounts, with unique PIN numbers, to give them a sense for responsibility for and ownership of their money. As kids get closer to their goal, parents can contribute virtual money to help them achieve that goal.
Price: Free with in-app purchases
Devices: iOS, Android
One great app for older teens, especially those going off to college, is FamZoo. It assigns a purpose to every single dollar your child earns and spends, while also creating incentives for them and helping track savings progress.
This app functions as a virtual bank. Parents are the “bankers” and the kids are the “customers.” The whole family is connected, so it’s easy to move money around. Aside from teaching kids how to save money and track their spending over time, parents can transfer real money to them with prepaid and reloadable debit cards. Other useful features include the ability to give your kids loans, and then teaching them how to pay back those loans in installments.
Price: $2.50 to $5.99 per month
Devices: iOS, Android
BusyKid offers pretty much every financial feature you could need when trying to teach your teenager(s) about money. From earning and saving to budgeting and investing, BusyKid’s platform handles it all. Plus, you can assign age-appropriate chores and set up an allowance.
With the BusyKid prepaid card, you can let your child spend anywhere Visa is accepted. Along the way, you can watch this activity and even get push notifications. Plus, BusyKid is the only kids’ app that allows children to invest in real stocks with their allowance.
Price: Free to use, for prepaid Visa card it'll be $7.99/year per card
Devices: iOS, Android
Stockpile app is an easy way to start investing for your children as a family. Stockpile allows kids to track their investments at any time, and you can set a list of approved stocks for them to trade. Instead of having to buy an entire share, Stockpile lets your kids invest any amount they want. They can start investing with as little as $5!
Stockpile is an app-based brokerage that aims to make investing in the stock market less intimidating, more accessible and engaging for kids. The app lets kids share a wish list of stocks with family and friends.
Price: Free to use, $4.95 per month after
Devices: iOS, Android
Virtually track your children’s allowance and spending with Allowance+, with the ability to assign chores and tasks or set up recurring allowance payments. The app is free to use but you can also pay a small monthly fee if you want to network between multiple devices for multiple children.
Price: Free to try
Devices: iOS, Android
In this article, we have covered the best money apps for kids, teens, under 18 year olds, minors, young adults or whatever group to which you feel you belong where you can manage your money, invest and watch it grow.
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