Looking for engaging ways to teach your kids about money? Consider doing it digitally. Ron Lieber of The New York Times recently discussed the benefits of managing kids’ allowance online.
Lieber’s article focused on Tykoon, an allowance site that focuses on actual transactions and lets kids earn digital dollars by performing real-world chores. That money can be spent in Tykoon’s Amazon-powered store, or donated to charity. (Mom or Dad must approve every transaction.)
If you’re looking to round out a digital allowance program with more tools, some of the best money apps out there are made for kids, Money Crashers notes.
The apps Kids Money and P2K Money, both free, track savings initiatives. According to Money Crashers, this can help you teach your child about long-term financial goals. The blog also recommends another free app, Save! The Gameâ€”a fun way to teach kids the difference between needs and wantsâ€”and Bank of Mom ($1.99), an allowance app similar to Tykoon and others mentioned by the Times.
If you think your child is too young to learn about money management, think again. Financial education should start as early as possible, economic scholar Annamaria Lusardi said in a recent interview with Bankrate.
Do you manage your child’s allowance with websites or apps? How old were your children when you started teaching them about money?