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Kids Ain't Cheap

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Top 5 Personal Finance Apps for Kids

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money apps for kids

In today’s digital age, teaching kids about money management from an early age is crucial for their future financial success. With the rise of technology, numerous personal finance apps have been developed specifically for kids, making learning about money fun and engaging. These money apps introduce basic financial concepts and allow children to practice saving, spending, and investing in a controlled environment. Here’s a look at some of the top personal finance apps for kids. [Read more…]

What Is the Greenlight Card for Kids?

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If you have kids that are in middle school and high school, you likely feel the need (as I do) to teach them financial common sense.  The hope is that eventually they will be able to move out on their own and be financially responsible.  However, this lesson isn’t quickly learned, and it requires a lot of parental oversight to do it right.  One tool that can help you is the Greenlight Card for kids.

Greenlight Debit Card for Kids

What Is the Greenlight Card for Kids?

The Greenlight Card for kids is a debit card your children can use, but it comes with some amazing parental controls so you can help guide and influence your children in their money habits.

Please note that if your kids have smartphones, there is an app they can use which will show them their balance and chores and allow them to make requests.  However, the Greenlight Card for Kids can be used if kids don’t have smartphones, also.

Features of the Greenlight Card for Kids

This card makes allowances high tech.

Instantly Deposit Money

You can reward your children for chores well done by depositing money in their Greenlight Card.  Within the card app, children can set up different categories such as spend, save, and give.  They can also set up long-term goal categories such as saving for a car.

Parental Benefits

You can help your children manage their money with this helpful card.  You’ll be given real time spending alerts.

Teach your children about interest by giving them interest payments on their savings.  You decide how much you want to give them.

In addition, you can enable the feature that allows them to withdraw money from the ATM and set how much they’re allowed to withdraw.  Or, you can make withdrawing money off limits.

Features for Older Kids

Greenlight Debit Card for Kids

Photo by Stephen Phillips – Hostreviews.co.uk on Unsplash

If your teens have jobs, they can have their paycheck automatically deposited to the Greenlight Card for Kids.  The card can also be added to Apple Pay or Google Pay.

Safety Features

Each Greenlight Card is FDIC insured.  In addition, the card blocks your children from spending money for gambling or buying lottery tickets.  They also won’t be able to spend money at places like massage parlors and horse or dog races, and they cannot get cashback from a purchase.  You’ll get an alert if they try.

In addition, parents have the ability to turn the debit card on or off, should they need to.

How Much Does the Greenlight Card Cost?

The first month is free.  After that, you pay $4.99 for debit cards for up to five kids.  Should you need replacement cards, the first replacement cards are free.

Final Thoughts

The Greenlight Card for Kids offers a way to give your children financial independence while also providing parental oversight so you can help guide your children into financial growth.  This tool is an excellent way to exchange money between parents and kids while having features that let your children grow in responsibility as they grow up.

CIT Bank Money Market Account

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Handling Allowance with My Daughter

Games That Teach Kids About Money

Teach Them Young: 3 Key Tips to Help Your Kids Learn about Money

Games that Teach Kids About Money

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Let’s be honest.  Hoping children learn via parent lecture is unlikely and boring.  Kids don’t listen, and parents get frustrated.  But there is a fun way to teach kids about things that doesn’t feel like learning—playing games.  If you want to teach your kids how to behave responsibly financially, don’t lecture.  Instead, play games that teach kids about money.

Games that teach kids about money

Classic Board Games That Teach Kids About Money

My favorite place to start when using games to teach about money are the classic games.  You know, the ones we grew up playing.

Monopoly

Games that Teach Kids about Money

Photo by National Cancer Institute on Unsplash

This classic game teaches your kid the value of location, location, location when buying land.  It also teaches kids about the importance of having rental income.  And of course, your kids learn about property taxes, stocks, and income.

The only drawback to this game (and some don’t see it as a drawback) is that it can take a long time to play, upwards of an hour or longer.

Life

In The Game of Life, kids choose whether to go to college or go right to work.  They also learn about the importance of insurance and avoiding loans.  The stock market also plays a role in the game.

One thing I find confusing is that the more kids you have, the more money you seem to make.  I haven’t found that to be true in real life!

Pay Day

In Pay Day, the board is set up like a calendar month.  Players can choose to buy deals such as a pizza joint for $800.  Then, later in the game, they can choose to sell it and make $12,000.  Players also get bills in the mail and have to pay them.  Throughout the game, players can borrow money from the bank or other players, but they need to agree on the terms.

This is a great game for teaching kids about investing and borrowing.  Parents may like it because you can choose how many months to play.  The more months you play, the longer the game goes.

Newer Board Games That Teach Kids about Money

Beyond the classic games mentioned above, there are several new board games that teach kids about money.

Cashflow for Kids

This game was created by Robert Kiyosaki of Rich Dad, Poor Dad.  The game is suitable for kids ages 6 and older.  The board is fairly simple.  Kids land on a green or red space or a dollar sign.  When they land on a green space, something positive happens to their financial situation.  For instance, they can choose to buy a stock and get passive income.  If they land on a red, they have to pay an expense.  The dollar sign gives them a payday, and this is also when they can get their passive income.

While the board is simple, this game is great for teaching kids about positive, long-term uses of your money and negatives uses of it.

The Allowance Game

Designed for ages 5 to 10, The Allowance Game teaches kids about earning and spending money as they travel around a board.  They might spend money for movie tickets and earn money for losing a tooth.  They can also put their money in the bank and earn interest.

The money that is used resembles real United States money, so it’s easy for young kids to learn how to differentiate the different bills and coins, too.

Act Your Wage Game

Followers of Dave Ramsey will love the Act Your Wage Game, especially if you’d like to easily teach your children Ramsey’s Baby Steps.  When you play the game, you’re given a life situation—how much you make per year and if you’re married or not as well as basic bills such as food and utilities.  You also draw debt cards.

You follow Ramsey’s Baby Steps to get yourself out of debt and in a financially secure position.  Along the way, you’ll fill envelopes so you can spend cash rather than using credit.

Online Games

You can also find games that teach kids about money by going online.

Rich Kid Smart Kid

The Rich Kid Smart Kid site  (from the makers of the board game Cashflow for Kids) has several mini-games including:

  • Jesse’s Ice Cream Stand
  • Reno’s Debt Dilemma
  • Ima’s Pay Yourself 1st
  • Jesse’s Big Change

These microgames teach kids entrepreneurship, debt management, and how to start an emergency fund.

Peter Pig’s Money Counter

Peter Pig’s Money Counter is ideal for 5 to 8-year olds who are learning to add and subtract money.  Kids need to put the money in different jars, and then they can buy things such as clothes for the pig.  By doing the various activities, kids learn how to add and subtract money.

Financial Football

Financial Football taps into some kids’ love of the NFL to help teach them about finances.  The game has three different levels:

  • Rookie (ages 11-14)
  • Pro (ages 14-18)
  • Hall of Fame (ages 18+)

To go down the football field, players must answer financial questions.  This game was created by VISA in conjunction with Drew Brees, who created several of the questions in the game.

If you homeschool, you can dig even deeper with this game, as there are also lesson plans and pre and post-tests available.

The Playoff

The Playoff is designed for kids ages 14+.  In this immersive game, you choose between two vloggers, Alex and Jess.  You manage their finances and deal with unexpected events like getting robbed all while trying to develop a video in just three days.  Whoever ends the game with the most money wins.

Just like Financial Football, this game has lesson plans, so it could be used in schools or if you homeschool.

Final Thoughts

Teaching your kids about money is challenging.  Sure, they’ll watch how you handle your money, but they may need more instruction for how to handle their money wisely.  Luckily, there are many games that teach kids about money.  Your kids can learn and face natural consequences through the game before they do so in real life. Then, when they’re teens and young adults, they hopefully will know how to manage money responsibly.

 

Should You Give Your Teen a Debit Card?

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teen debit card

The teen years are no doubt difficult for many parents as your child starts to crave independence. I believe the teen years are when it’s time to really build on what you’ve taught your children about earning money, the value of money, and the importance of good financial habits. Accounts are available for children as soon as they turn 13; I decided to give my teen a debit card over a year ago.

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4 Personal Finance Tips for the Ages

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how to get by on a low incomeMoney-making schemes come and go, but stalwart money management methods do not have expiration dates. Of course, it is wise to adjust your financial strategy throughout your life, guiding your efforts toward the greatest returns. But some financial tactics simply never fall out of favor.

Ongoing financial success builds off of solid fundamentals, so instead of focusing on passing fancy, the most disciplined money managers stick to the basics. Building and protecting credit, saving, and living a life you can afford are chief principles of effective money management, so these cornerstones are worth a closer look.

Live Within Your Means

Though it may seem like an obvious point, maintaining an affordable lifestyle is essential for anyone wanting to stay solvent. With a steady income and fixed expenses, cash flow is easily managed from month-to-month. Freelancers and self-employed workers may face greater challenges reconciling irregular income and spending, but even entrepreneurs find ways to balance their books.

It is difficult to manage finances on-the-fly, so the best way to account for your expenses is to track spending, and then create a budget. Treat your personal cash flow just like a business would, staying atop deposit income as well as outgoing payables.

To create a workable budget: First, divide your customary buys into manageable categories, to illustrate exactly where your money goes. Next, fill-in payments and other spending to create a sample snapshot of your finances. Use at least one month’s worth of data, but try to accumulate budget information for a full quarter (three months).

Once you’ve determined where your money goes, it is easy to reel-in savings. Though fixed expenses, like mortgages and other recurring payments may leave little room for cutbacks, discretionary buys like entertainment, travel, food, and fashion can be pared for positive financial gains.

Strive to Save

It is easier said than done for many well-meaning families, who make ends meet with little room for savings. Even small sums go a long way; however, as money set-aside mixes with time to produce positive long-term gains. Whenever possible, designate a monthly sum to add to your savings, perhaps taken aside from your paycheck. As savings grows, the dividends it earns also appreciates, compounding its value again and again.

Savings accounts have not been terribly profitable in recent years, with returns sometimes failing to beat the rate of inflation. And to make any progress at all, deposits must be held in fixed-rate accounts for a particular span of time, before gains set-in. To make the most of your savings, consider investments with greater upside potential, like stocks and other holdings.

Protect Your Assets

The recent mortgage meltdown shed light on personal financial security, as hundreds of thousands of borrowers faced foreclosure and default. Many lost everything they had worked hard to acquire. To increase your financial security, your debt-to-income ratio must be preserved within reasonable limits.

Insurance cover is another essential feature of your comprehensive financial plan. Without adequate home and car cover, your assets are at risk. And additional policies may be required to cover mortgages, unemployment, and even disability.

Plan for the Worst – Hope for the Best

Sage advice for personal money managers includes a contingency plan. While you hope never to call on your emergency scheme, having one in-place protects you from financial disaster. An emergency fund, for example, covering 3-6 months’ worth of fixed expenses, hedges against income lapses and ensures your bills are paid until conditions normalize.

In addition to cash reserves, keeping credit lines available further enhances your ability to endure temporary financial hardship. When credit accounts are pushed to their limits, on the other hand, interest pressure adds to your problems and the safety-net disappears.

Wills and other documents carry-on financial responsibility in the event of your demise. Maintaining the proper documentation protects your family members and ensures your financial resources remain available to them.

Financial security is a lifelong pursuit, requiring commitment and discipline. While each situation is unique, time-tested principles bring success to dedicated money managers. To ensure the best outcomes for yourself and family, maintain an affordable lifestyle and protect your assets. Savings and backup plans add extra comfort, preparing you to fend off unexpected financial difficulties.

At What Age Should Your Child Get a ”Big Ticket” Gift?

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Children and Big Ticket GiftsWhen speaking to my friend the other day about Christmas plans, she was detailing what she bought her eight year old for gifts. Included was a laptop. When I inquired about why the eight year old was getting a laptop, she explained that the current family computer wasn’t ”up to speed” in terms of processing for what the girl needed to accomplish school related projects. Knowing that the computer she was talking about was only three years old (since I was with her when she bought it) I called her bluff. I mean surely an eight year old isn’t doing that much computer related homework?And if she is, I’m confident that it doesn’t require that much processing power, let’s be honest! She fessed up that the kid wanted it so they were buying it, and that knowing she would be using it for school made her feel better and that’s what she had to tell herself to justify the purchase.

Am I alone in thinking if you have to justify purchasing an item, and if you’re not totally comfortable with it for whatever reason (an eight year old getting a $500 computer in this instance) that maybe you shouldn’t be buying it?

The other item that comes to mind is cell phones. I didn’t grow up with a cell phone, I didn’t have my first cell phone until university. I relied on the landlines at locations or using my friend’s parent’s cell phones (because there was no way my friends had phones of their own, that was unheard of).  Though I can’t imagine my life now without one, I also can’t imagine my young child having access to her own iPhone. It blows my mind how many young kids (less than 15) I see with these devices, although they may just be hand-me-downs from older siblings, which I can see the sense behind. Cell Phone Deal even suggests handing your own old phone down to your kid, which is a good idea if your old phone still works well enough to be used in emergencies. While I suspect when my little one is old enough to venture out away from mom and dad, we will get her an emergency only/call-mom-and-dad cell phone, I will not be buying her a $500 ‘phone’ that requires a $70+ monthly contract to be attached to it. If she wants one of those she can get herself a job and pay for it herself. Especially since I don’t think it is necessary that a younger that 16-year-old even have access to a device like this.

I understand that it is 2014 and things have changed a lot in the last few years, but there is no way an eight year old needs access to her own laptop or a ten-year-old needs the latest iPhone/Android/whatever. It is difficult to balance parenting, trends, and your child’s wants versus  needs. I’m not suggesting you don’t buy wants for your children because a lot of what we buy for our kids as gifts are wants and not needs (toys etc) but we need to set realistic expectations for our kids. They need to understand when they want certain things they need to be willing to contribute towards the item since mom and dad are not open wallets.

At what age do you think it is appropriate to buy kids large items like cell phones, TVs and computers, if at all?