Online Apps Can Help Kids Save – and Increase Financial Literacy

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Teaching young kids the importance of saving money is a valuable life skill that can set the foundation for a financiallysaving money responsible future. With the advent of relevant technology, several online apps cater specifically to young children, making the process of learning about money engaging and interactive. Here are some online apps (some free and some that require a fee) for young kids to start saving money:

  • PiggyBot:
    • PiggyBot is a digital piggy bank that allows kids to set savings goals and visually track their progress. It’s a simple and intuitive app that helps children understand the concept of saving and budgeting. PiggyBot is available in the App Store.
  • iAllowance:
    • iAllowance is a comprehensive app that not only teaches kids about saving, but also helps parents manage allowances and chores. It allows parents to set up recurring allowances, assign chores, and track their children’s spending and saving habits.
  • Bankaroo:
    • Bankaroo is an online platform designed to introduce kids to the basics of budgeting and saving. Children can create their virtual bank accounts, set savings goals and track their allowances. The app also provides insights into financial concepts in a kid-friendly manner.
  • PiggyVest Kids (formerly known as PiggyBankNG):
    • PiggyVest Kids is an extension of the popular savings app PiggyVest, tailored specifically for kids. It allows parents to create savings plans for their children and introduces them to the concept of earning interest on their savings.
  • iSaveMoney:
    • iSaveMoney is an app that caters to both parents and children. Kids can set savings goals, track their spending and understand the value of money, while parents can monitor and guide their children through the process.
  • Greenlight:
    • Greenlight is a family finance app that includes a feature for kids to manage their money. Parents can set up chores, allowances, and even create savings goals for their children. The app also offers a prepaid debit card for kids, controlled by parents.
  • Savings Spree:
    • Savings Spree is an educational game app that teaches kids about the value of money and the consequences of spending. It engages children in a fun way, allowing them to make virtual spending decisions and learn from the outcomes. Available in the App Store for a fee.
  • BusyKid:
    • BusyKid is an app that combines chores, allowance, and investment education. Children can earn money by completing chores, and parents can choose to allocate a portion of that money for saving, spending and even investing in real stock.
  • The Piggy Box:
    • The Piggy Box is an app that focuses on the concept of sharing, saving and spending. It encourages kids to allocate their money into these three categories, fostering a balanced approach to managing finances.
  • MoneyTime:
    • MoneyTime is an app that turns learning about money into a game. It covers various financial concepts such as earning, saving, spending and giving, making it an engaging and educational tool for young kids.

These apps not only make saving money a tangible and interactive experience for kids, but also provide parents with tools to guide and monitor their children’s financial activities. By introducing these apps early on, parents can instill smart money habits in their kids, setting them on the path toward financial literacy and responsibility.

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