Posted by Denise Murray on
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Parents Use Technology to Teach Kids Money Management Responsibility Life Skills
"BusyKid is the new and easy way for you to get your children busy around the house and closer to being financially smarter. BusyKid introduces children to chores and allowance in order to develop strong character and prepare them for a lifetime of financial decisions. For only $12 a year your children can earn, save, share and invest real allowance."
Parents are using the user-friendly technology of BusyKid App and Spend Card, a reloadable pre-paid Visa® card, where kids can maintain allowance to save, spend in stores or online, or donate to social causes. Here's how BusyKid works- generally, after a week of performing chores from their Activity Stream, Friday can be designated as payday for your busy kid. Similar to corporate payroll, payments are approved by a specific time for payroll processing. Parents approve the Payday SMS message within 2 hours of receipt on Thursday, approving payment to their child's account on Friday.
Teaching our kids financial responsibility has changed considerably due to advancements in technology. Gregg Murset, BusyKid CEO, explains, "Basic financial topics such as saving, investing, budgeting, credit, taxes, loans should be taught with the same importance as reading, writing, math and science in our schools. It’s not the fault of teachers, but we aren’t preparing our children properly to face a world of hard financial decisions."
BusyKid Tips for Teaching Kids money Management Skills
1- Plan Ahead
As parents, have a plan ready how you want to teach your child about money. Make sure to weight all the options, but most importantly, be consistent. Make sure to use a learning platform like BusyKid to help you create and execute the family plan.
2- Start Young
At some point, your child will start receiving money for birthday’s and holidays, so this is a great time to put your plan in place.
3- Earn It
Give your child some chores around the house to earn an allowance. Besides building a work ethic, your child will learn responsibility, accountability and time management. All important character traits.
4- Let Them Decide
4- Let Them Decide
Another part of learning is making decisions. Make sure your child has the opportunity to make key decisions about what to do with the weekly allowance. Where do I spend it? Should I buy stock? Your child might not always make the right decision but it’s better to fail now and learn from it.
5- Don’t Quit
5- Don’t Quit
Stay involved, be supportive and don’t quit. It might be hard at times but your child will thank you for it later.
Offering parents financial insight, Murset suggests to parents, "Think of BusyKid as your child’s first job with direct deposit. Your child can earn, save, share, spend and invest a weekly allowance. By using BusyKid regularly from a young age, your children can start building a routine they can use when it’s time for them to be living on their own."
See how BusyKid can help teach your kids financial responsibility today.
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