5 Best Free Educational (and Fun) Apps for Kids to Manage Money

Imagine what the world would look like if kids learned at a very early age not only how to handle money, but how to make the most of it. I imagine a diminished U.S. national debt , paid off cars and mortgages, and no such thing as credit card debt. But that education would have to start early, and since not many of us had the luxury of learning the ins and outs of money while we were still young, that kind of world is still a pipe dream. Today’s kids, however, have the chance to be the generation that builds a more money-smart society. Kids are already learning from educational software programs and kids websites for money management , and fortunately, a few of the best finance apps are designed specifically for kids and their needs. Free and low-cost apps offer great help when you’re teaching your kids about money . Below are some of the best apps for devices like the iPhone , iPod, iPad , and Android smartphones. Top 5 Money Apps for Kids 1. P2K Money Price : Free Available for : iPhone, iPad, iPod Touch Features : Budgeting tool Savings tool “Wish List” for tracking savings goals P2K is specifically geared toward kids’ simple financial needs. It teaches children to keep track of income like an allowance or payments for doing chores. It also offers cute motivational features such as the ability to include photos of wish list items and an option to view a history of purchases and decide whether they were worth the cost or not. 2. Kids Shopping Calc Price : Free Available for : Android Features : Increasing difficulty levels Focus on kid-friendly “shopping” items Aaron Nitheesh’s Kids Shopping Calc will teach your kids how to grocery shop without going over budget. It gives them a set amount of money, and then allows them to shop in the game’s virtual store. But they can’t advance unless they get all of the level’s required items – within a set budget that gets more challenging as the game goes on. 3. Kids Money Price : Free Available for : iPhone, iPad, iPod Touch Features : Long-term planning Adjustable timelines Kids Money , by Apps Rocket, teaches your child about saving and planning for long-term purchases. When your kid finds a bigger-ticket item that they want to buy, like a bike or guitar, he or she will input the price of the item along with expected earnings. The program will help your kids evaluate – and meet – their goals. For instance, if your child wants to buy a $200 bike item with a $20 weekly allowance, the app will report that it’ll take ten weeks of no spending to save enough money. And when other expenses come up, the program will subtract that amount and provide a new estimated purchase date. 4. Save! The Game Price : Free Available for : iPhone, iPad, iPod Touch Features : 3D interface Integration with website Mass Mutual developed Save! The Game to teach kids the difference between needs and wants . In this 3D virtual fantasy game, kids collect money and have to avoid losing it all to the “I wannas.” Conveniently, the game fits in well with Mass Mutual’s Time for Kids website, which has plenty of valuable money lessons for kids. 5. Bank of Mom Price : $1.99 Available for : iPhone, iPad, iPod Touch Features : Virtual credit line Parent-controlled virtual account Manage multiple accounts Designed by Gomu Gomu, the Bank of Mom app will teach your kids about lines of credit. You can give your kids a cash credit for their allowance or to pay them for chores. When they want to make a “withdrawal,” they request one from their “bank,” which you control. In addition, kids can bank  time for leisure activities like watching TV, playing video games, or going to the mall with friends. For instance, if your child raked the leaves, he or she can bank that time and then withdraw “credits” to use for time at the movies with friends. You can manage multiple accounts with the app, and even email transaction details to your kids. Final Word Teaching kids about money doesn’t have to be boring. In fact, with the right apps and games, money management can become your kid’s favorite subject. Do you know of any great apps that I haven’t mentioned here? If so, share them in the comments so others can use them to teach their kids! (photo credit: Shutterstock ) Related Articles: 4 Best Kids Educational Software Programs to Teach Your Kids About Money Top 5 Kids Educational Websites for Learning About Money Management 5 Best Free Travel Apps for Saving Money on the Road with Your Smartphone Teaching Kids About Money Management – 4 Subtle Money Lessons My Parents Taught Me Top 6 Free Black Friday Shopping Apps for Droid & iPhone 5 Best Free Educational (and Fun) Apps for Kids to Manage Money is a post from the Money Crashers personal finance blog .

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5 Best Free Educational (and Fun) Apps for Kids to Manage Money