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DALLAS (CBS) – Teaching financial literacy to kids is more than just piggy banks and cash allowance for chores. Learning to save and spend has become more difficult in this time of plastic money.

“No one carries cash,” Dawn McCord, a mother of three told CBS Dallas/Fort Worth. “And, it is really inconvenient paying cash for chores and looking for change etc.”

So, she found an app that pays her children for chores done. Drew, 11, takes the trash out, feeds the dog and yes, practices his musical instrument for his allowance. McCord is using the Busy Kid App, which allows her to put chores for all her children. The app lets them save money they earn, spend it and invest it in stocks.

“We have tried every chore chart there is known to man,” McCord said.

But, the app has made it very convenient for the busy mom. She said the chore chart did not work because she did not know which kid did the chore or oftentimes she did not have enough cash on hand.

The app allows parents to list a series of customizable chores. Parents set the price for each chore and kids check it off when they are done.

You can create chores to reward behavior — like brushing your teeth, work on vocabulary, practice playing the instrument.

A 2013 Cambridge University study found money habits often form around age 7. Teaching kids early is crucial to becoming financially responsible adults.

“I’m hoping that it’ll teach them a relationship between hard work and money,” Greg Murset, owner of Busy Kid app said.

There are other apps on the market like the RoosterMoney , PennyOwl and FamZoo.

They all promise to help kids manage and save money. Some also allow them to invest money earned in stocks.

The McCord kids have invested their money in Lamborghini, Netflix and Amazon – to name a few. Obviously, it is a small portion of the stock.

The yearly subscription is $14.99 for the whole family.

Teens looking to earn money by doing odd jobs around the neighborhood can download Skratch. The app is geared toward young people who don’t have time for a regular 9 to 5 job because of school or other activities.

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