While there are countless apps out there to help teens manage their money, the most important aspect of an app is that your teen is actually interested in using it.
“The most effective money management app is one your teenager will consistently use,” Castellano notes. “It has to be engaging, simple, and genuinely helpful. There are also goal-based savings accounts like Smarty Pig, for example, that allow you to not only earn a good return on your savings but also lets you set goals and track your progress toward meeting them.”
Here are some of the great apps for teaching kids about money:-
FamZoo—The FamZoo family finance app teaches kids how to manage their money by allowing for the creation of accounts that give every dollar a purpose—such as saving, investing, giving, and spending. You can also create incentives within the app to reinforce financial behaviors that align with your values.
Savings Spree—Another financial literacy app (this one for kids 7 and up), Savings Spree teaches users about saving, investing, donating, and spending, all via a game show format.
Bankaroo—Billed as a “virtual bank” for kids, Bankaroo teaches them how to spend responsibly and save for their short- or long-term goals.
And perhaps one of the best strategies for teaching teens about money? Not turning it into a monologue.
“Keep the conversation short, avoid lectures, and make it enjoyable,” says Tucker. “It’s great to be transparent with your family budget and use real-life examples. It also helps to offer to match their savings for a greater incentive.”
These incentives can include summer camp, a big purchase like a gaming system, or a special outing, like a concert with friends.
Tim Connolly 