A phone app is teaching kids how to responsibly manage money before they are old enough to enter the workforce.
BusyKid was created to help teach children financial responsibility. App creator Gregg Murset has 20 years’ experience as a certified financial planner. He says it’s designed to give kids real life job experience.
“Kids do chores and they earn money. Every Thursday our system sends out a text message that says ‘Hey, Johnny earned 20 bucks this week do you want to pay it, yes or no?’ You reply yes to that and we initiate a transfer that divides it up into savings, sharing, and spending for the kid.”
Murset says the BusyKid spend card, a reloadable Visa card compatible with the app, helps teach 21st century adult spending.
“Your kids are not going to learn this stuff anywhere other than in your own home. Parents don’t try to dodge this bullet. You have to take charge and some action when teaching that inner relationship between working, earning money, and making good financial decisions.”