When we were kids, a weekly allowance was something we tucked away in a drawer, piggy bank, jewelry box, you name it—really anything we could cram our change and crumpled bills into. Then there was that feeling of accomplishment when we’d dump all that hard earned cashola onto our beds to see if we had enough to buy that new toy we were eyeing.
Nowadays, kids have technology on their side, and instead of the allowance saving method of our childhood, there’s, well, an app for that—it’s called BusyKid. Think of it as a financial management system for kids. Parents easily assign household chores and pay an allowance, all through the app. Kids have the ability to manage their earnings from a tablet, parent’s smartphone, or home computer.
BusyKid gives chore suggestions based on age—for ages five to 16—and parents may also create their own chores. Assign a day and pay rate for each chore, and your kids are ready to start earning.
Kids check off chores as they are completed, and come payday (every Friday), kids receive their allowance for a job well done. The app is connected to a parent’s bank account and parent approval is required before money is transferred to the child’s BusyKid account—which is safely held at an FDIC-insured bank.
Parents determine each week’s allowance and can allocate their child’s earnings into three categories: save, share, and spend. BusyKid suggests preset allowances based on a child’s age. (For example: For a nine-year-old, BusyKid suggests allocating 40 percent to save, 10 percent to share, and 50 percent to spend—but parents can change these percentages at any time.) Parents also have the option to give bonuses for kids who go above and beyond.
Using the app, kids easily track the money they earn and are able to move money around in their BusyKid account. From the spend account, kids have the option to request cash or buy a gift card for more than 200 retailers. The money can also be transferred to a BusyKid Visa Prepaid Spend Card for the child to use, with a $5 yearly fee. Kids may also choose to invest in stocks or donate money to a charity. Parents must approve all spending, and are able to monitor their child’s activity—chores, earnings, and spending—at any time.
BusyKid costs $15 per year for a family subscription, following a free 30-day trial. Available on Google Play and in the Apple App Store.