Financial responsibility and financial literacy is something we all must learn, but it’s not always taught in schools.
There’s an app to help teach your kids that starting at a young age.
“So BusyKid was created to do two things for families: teach kids how to work, like get off the couch and go do something, right? Work and earn some money so they can learn how to manage that money,” said Gregg Murset, CEO of BusyKid.
Kelli Phillips and her husband work full-time. This app helps to organize chores and ensures their son is learning an important life lesson.
“It’s a great chore app. I went in and placed all the chores we wanted him to do- things he had to everyday, things that he had to do once a week. He keeps track of what he does, and then I have to approve them so he’s not just saying he did things that he didn’t and get money for them. At the end of the week, it gives me a recap of what he did and how much we owe him,” said Kelli Phillips.
Parents may not know how to teach their kids about finances, but this makes it a little easier.
“I’m a certified financial planner myself and I have six kids. So I had to figure it out so they could all leave my house and never come back except to visit once in a while,” said Murset, “This is what people need to know. Kids need these life skills more than I think any life skill out there. After you teach your kids not to steal and beat people up, you should teach them how to work and manage money.”
Children are learning real world skills. They learn how to earn, save, donate, invest and spend their money.
It’s real money that kids have the choice of what to do with it once it’s earned.
“They can buy fractional shares of stock; they can donate to charities in the share area, which is amazing, teaching them how to give back; and then lastly they can put money on their own Visa debit card and go out and buy like the rest of us,” said Murset.
“He’s learning that he can’t, if he wants something, he has to work for it. And if he doesn’t have the money for it, he doesn’t get it,” said Phillips.
It’s doing more than just teaching financial literacy and responsibility to kids.
“You become a little bit more self-motivated and driven. These are all the kinds of things we want in our kids but struggle to figure out how to make it happen,” said Murset.