First steps in banking: finance apps for teenagers

Reviewing some banking apps for teenagers

Best Money Apps for teenagers

Finances have changed how the world works, they dictate the growth and destination of money. Hence, getting to know your finances and in business, opens up a new reality where we are able to have a better understanding of money.

Classes introduce money concepts early and, hopefully, lessons are solidified at home by parents; however, financial literacy and its practical applications are life-long efforts.

And in this era of technological advancement, there’s an app (or 10) for that. Teens and young adults who have come to the age of relying on technology are at an advantage when it comes to becoming financially savvy and independent. Always within arms’ reach, smartphones can become supplemental teachers and enforcers of money management.

Here’s a look at some of the best finance apps for teenage kids. Many of them are aimed at the 10–16-year-old crowd and help accelerate their financial knowledge.

Rooster Money

One of the most comprehensive family finance apps, Rooster Money is feature-rich and thinks of everything. Their primary platform (virtual tracker) is free and geared toward kids as young as 3. The upgraded version, Rooster Plus, covers the whole family for $18.99 a year and tracks everything from chores and tasks to savings goals.

Rooster Money allows for a Spend/Save/Give approach while also letting you account for regular expenses (like subscriptions) to teach budgeting skills. You can even incentivize saving by setting up personalized interest rates for your kids.

• Funds: Accounts are virtual

• Budgeting features: Account for recurring expenses to help teach your kids budgeting lessons

• Chores and allowance: Assign tasks, track progress, reward your child for meeting goals, and set up recurring or one-off payments for things like an allowance.

• Saving features: Your child can set specific savings goals and you can even allow your interest earned.

• Cost: Free (basic) or $18.99/year for the whole family (Rooster Plus)innovative solutions and are likely to collaborate with international Fintech. The trend among consumers and corporates indicates a growing interest in Fintech products.

Rooster Money app

Allowance+

Virtually track your children’s allowance and spending with Allowance+, with the ability to assign chores and tasks or set up recurring allowance payments. The app is free to use but you can also pay a small monthly fee if you want to network between multiple devices for multiple children. Unfortunately, this app is not available in all countries.

• Funds: Funds are tracked and managed virtually

• Budgeting features: Budgeting isn’t Allowance+s strong suit, though children can see their current balance and spending/earning progress

• Chores and allowance: Set up recurring funds or send one-off payments, but task lists are not supported

• Saving features: Savings goals are not supported

• Cost: Free to $0.99/mo

Allowance+ by apple store

Greenlight

With automated allowance, in-app chore lists, and real-time parent notifications, Greenlight teaches financial lessons while keeping parents informed. A MasterCard debit card is available to let kids spend where they want, with the option of flexible parental controls — even allowing you to set store-specific spending controls.

• Funds: Accounts manage real money

• Budgeting features: Kids earn money with chores, track regular allowance, and watch their spending while making important financial choices

• Chores and allowance: Set in-app chore lists with accompanying perks

• Saving features: Kids can set their own goals and learn about spending tradeoffs

• Cost: $4.99/mo for up to five kids

https://greenlight.com/debit-card

Have you noticed any other banking app that is worth adding to this blog post? please share it in the comments!

À Bientôt amigos!