“Personally, I’m always ready to learn, although I do not always like being taught.” – Sir Winston Churchill
An investment in knowledge pays the best interest. –Benjamin Franklin
Firstly, it is never too early for a child to learn the concept of money. Ways and approaches can differ but you can teach them about money from the age of 3 years. Surprising! Right?
We often see people mindfully manage their money only after a certain age. But then that gets too late! This is why they often tend to make un-smart decisions on money management.
Reason? It is not a habit.
And good habits are best formed at the early stage in life.
Agreed, in the good old days, when technology was just crawling, we didn’t have any choice. Hence, we never learnt much about money-management since childhood. But that’s history now! Thanks to technology, even kids can learn how to earn! And save and spend! This is exactly what money apps for kids do.
What is a Kid’s Money Management App?
Teaching children, the complexities and realities of money can be the most taxing task for a parent. Not anymore but!
A kid’s money app is an application that helps in educating your child about money. It is easy to use and does the job in the right way!
You can start using a kid’s money app to help you with this. These apps are like pocket money app, specially designed for kids; so, it’s easy to use. The fun part is, your kids can help you with household chores or anything else that they can manage on their own as per the age.
The concept of earning money is clearly implemented in the way these apps are designed and function. Usually, you can put in tasks for your children on the app and then reward them with money.
Your kid’s account will be connected to a bank’s account and e-commerce site. This helps in keeping a check on your child’s spending habits. Any money-related habits can be controlled with the help of such money management apps for kids.
Here’s more on how the app works!
Which KEY financial learnings are important for kids?
- What is Money? and its uses.
- Why is money important in daily lives?
- Value of Saving Money
- Spending money rightfully.
- Patience is key while earning money.
- Hard work gives money.
- How to be a smart buyer and not be fooled by fancy advertisements?
- How to do budgeting?
It is a gentle and moderate process. Every age will have a certain way and a certain lesson to be learnt about money. As a parent, you will have to be patient (yet firm) about money rules with your child.
Birdfin- Why Is Money App For Kids Important Today?
You and your child both can access the app and decide on what tasks you want your child to do. Once your child completes their task, you can reward them with payment as ‘money-crystals’ in Birdfin.
An ICICI savings account and Amazon e-commerce are connected to the app. All the crystals received get converted to money which your child can spend or save.
Below are some of the reasons why you should start using a kids money management app:
- Fun Way Of Learning – A money kids management app is specially designed for children. It involves activities that make learning exciting and fun. Kids learn to be mindful and responsible all in a play mode.
- Digital Is The New Normal – As we step into a world that is driven by technology, money apps for kids are perfect. It teaches all that you want to teach your child about money and lets you record their money habits as well.
- Eliminates Time Consuming Methods – Gone are the days when the parents had time to stay at home and teach their children about life. Parents have to work harder to support the livelihoods in this costly world. Here, an app can be handy and effective at the same time.
- Keep A Check Instantly – You and your child will have access to the app at all times. You can quickly take a look at the app to know about the child’s money behaviour and analyze accordingly.
- Teach Other Important Life-Skills – Money apps like Birdfin helps in teaching various other skills. From the concept of hard work to helping to value money. It is a comprehensive app that can make your child socially and personally aware and better.
Easy Ways To Teach Your Child About Money:
As parents, you have to go slow taking baby steps with your children.
Start educating about money by talking about it. Talk about how saving and earning money is crucial in life. Help them set goals-short term, and long-term, and encourage them to achieve them.
If your child is just starting with a career then guide them with money by including a systematic way to spend money. Along with the importance of money, teach them the ‘save share, and spend’ method.
Your children must learn to save at least 10% of whatever they earn as pocket money or salary. The next 10% can be shared as a charity. Social service needs to be a part of their psyche to become better human beings. The rest 80% of the earnings can go towards spending. This is a very simple method.
It is better to start developing financial skills in a child from the beginning years. For each age group, there are various ways to teach about money. You can actually start from the age of 3 years by introducing the concept of money and exchanging it for goods. All these you can teach them easily by just using a fun money app for kids. Building good money habits can be a grueling task but money apps make it easy!
Talk to them more about giving more to the needy. Explaining the concept of ‘sharing is rewarding’ and making them help in the chores at home, both teach lessons about money and life.
One fun way is involving kids in organizing parties at home to give them a practical experience about how money must be used mindfully. This also teaches budgeting skills and how to do the most in the available money.
What is the importance of learning financial skills from an early age?
- Value of hard work and patience: Life is not a bed of roses and the best time to teach your kids the harsh truth is by preparing them right from their childhood.
- Clear concept of saving for bigger goals: The concept of saving money becomes a habit if financial skills are taught to the child from an early age. This helps later in life when managing money becomes mandatory.
- Becoming more aware and responsible in life: The child when learns the concept of working to get his pocket money he is learning many life skills. These learnings make them responsible in nature naturally!
- Be financially independent: The moment the child starts growing up and understands the concept of money in a better way, he will develop a sense of independence in his finances as well. This helps to eventually motivate young minds to make a career.
- Collaborative participation in work: Birdfin helps kids earn their pocket money by doing chores. This concept makes the child help in every household chore and develops habits like washing their own plates, polishing school shoes, and more.
- Understanding personal social responsibility: There is a self-development in the child when they learn about money. Birdfin not only helps in teaching about money management but also other life skills. It aims to bring complete development to the child’s personality. Helping and Sharing is rewarding, this needs to be instilled in a child for him to become a conscious citizen.
Each money-saving app has its own charm! It’s a gradual process so be patient with your child as you teach what money is and what its value is. Birdfin is a well-thought app that enables teaching about money and helps the child learn in the simplest way.
Why don’t you give it a try!
Register today and keep a check on your child’s money habits.