This is a sponsored post on behalf of BusyKid. All opinions are my own.
As my kids are getting older, I’m beginning to realize the importance in teaching them financial responsibility. It’s not just as easy as get a job, work hard, save your money. Though how much do we as parents really know, ourselves? In a recent study, the majority of parents received a grade of C or worse when it came to understanding basic finance, so what are we really teaching our kids? They need the right tools and information behind them, too. Household chores and a weekly allowance are a great starting point, as is our Kids Money Ledger Free Printable. But what’s next?
As an easy way for parents to introduce chores and allowance to their children, the BusyKid app is a great answer to what’s next. With BusyKid, parents can assign chores and each week children can watch their savings grow as their allowance accumulates. Your children can then learn the importance of helping others by donating a percentage of their weekly allowance to charity or learning to budget and spend wisely by buying gift cards or something in a store. BusyKid is also the only chore/allowance system that allows children of all ages to use allowance to buy shares of real stock, too. As another important financial tool, this is a great first experience for kids to learn how to invest and deal with the stock market.
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 the BusyKid app 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. They then decide what to do with what they’ve earned, whether that’s saving, shopping, donating, or investing.
According to Gregg Murset, BusyKid CEO, 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. He says it’s not the fault of teachers, but we aren’t preparing our children properly to face a world of hard financial decisions.
The BusyKid app is a great way to help your kids complete chores, earn an allowance, and begin the process of learning to manage money. There are a few more tips we want to share, too.
Plan Ahead – As parents, have a plan ready how you want to teach your child about money. Make sure to weigh 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.
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.
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.
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.
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.
Sign up your entire family with BusyKid now for only $14.95! Be sure to look for the BusyKid Spend Card, a reloadable Visa® prepaid card, where kids can move their allowance in order to spend in stores or online. And, for a limited time, the first 2000 new children members will receive $10 to make a stock purchase!