We all want our kids to be responsible and independent as soon as possible. We all want them to take their life decisions without going wrong. One of the major responsibilities is that we’d want our kids to be great at is managing their finances. Right from saving money to curbing unnecessary expenses, we all want our kids to be serious about financial matters. The learning can start early in life so that they understand the importance of finance management soon. The best way to inculcate maturity for money is by making your kids use games and apps that will help them to save money. Here are some of the games and apps to start with.
1. P2K Money
P2K Money is all about teaching your child the value and responsibility of money, plain and simple. You can engage in the learning process together using tools for budgeting, spending, and savings of your kid’s earnings, like an allowance. They can even create wish lists to save for the items they want to buy. And what’s especially cool is that the app will save those wish lists so your little guy or gal can evaluate if those items were actually worth the expense.
2. Savings Spree
Savings Spree doesn’t just teach your kid how to count nickels and dimes. Instead, it focuses on how different lifestyle choices every day can add up to either big savings or big expenses. Your child can earn, spend, donate, or invest “money” in a variety of scenarios, which are presented in a game show format for added interest. Along with teaching the basics, this app will even present your little one with the harsh reality of those unexpected expenses that necessitate an emergency fund. An important lesson, indeed!
3. Renegade Buggies
Renegade Buggies designed by the National Center for Families Learning (NCFL) has earned a REVERE award, which honors “high quality resources that educate learners of all ages, in all media, and in all educational environments.” The dynamic, fast-paced game teaches financial literacy with a focus on saving as much money as possible while grocery shopping. Smart consumer strategies, such as comparing unit sizes and buying in bulk, are implemented into the game.
The inspiration behind Bankaroo is 11-year-old Danielle Gafni, an honor student who was looking for an easy way to track her pocket money. The app serves as a virtual bank for kids without being tied to an actual bank account. It teaches about money and its value subtly. Bankaroo features multiple currencies, such as the US dollar, euro and British pound, and you can even set goals, such as saving for a new bike, drum set or special trip with your family.
5. Bee Farming
Bee Farming allows your child to start his or her own virtual business with a swarm of bees and just $100. Each week, the bees can go to work in the forest, collecting honey that your child will “sell” in a market to earn more bees or other supplies. This is such a fun game, even adults play it and compete to earn a spot on the Top Farmers Board. What a great way to give your kid the basics of business, hard work, and managing expenses.
6. Save! The Game
Mass Mutual developed Save! The Game to teach kids the difference between needs and wants. In this 3D virtual fantasy game, kids collect money and have to avoid losing it all to the “I wannas.” Conveniently, the game fits in well with Mass Mutual’s Time for Kids website, which has plenty of valuable money lessons for kids.
7. Star Banks Adventure
Star Banks Adventure is an app that combines puzzle solving with tricky quiz questions to teach kids about fundamental financial concepts, so they can save the planet of Polaria from drowning in financial chaos. With the coins they save, they can purchase in-game upgrades, which will help reach different financial goals all while having fun and learning important lessons about financial planning, saving, investing, asset allocation, inflation, etc. According to the developers, all educational content was created by financial professionals. After all, you don’t want your kids to adopt the wrong behavior.
8. Bank of Mom
Designed by Gomu Gomu, the Bank of Mom app will teach your kids about lines of credit. You can give your kids cash credit for their allowance or pay them for chores. When they want to make a “withdrawal,” they request one from their “bank,” which you control. In addition, kids can bank time for leisure activities like watching TV, playing video games, or going to the mall with friends. For instance, if your child raked the leaves, he or she can bank that time and then withdraw “credits” to use for time at the movies with friends. You can manage multiple accounts with the app, and even email transaction details to your kids.
Even young kids with an allowance can jump in on PiggyBot to collect a virtual allowance. This tool will help your child visualize his or her allowance and categorize it into what areas they’ll spend, share, and save. This app also motivates kids to pick savings goals and gives them useful information for how much money they need to save and how long it will take them to save it.
Teaching kids about money doesn’t have to be boring. In fact, with the right apps and games, money management can become your kid’s favorite subject. So make sure you load your kid’s phone or iPad with these and several other money-saving apps and games so that learning becomes even more fun.
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