Research shows that most American children and teenagers receive an annual allowance of around $471. This is about $9.06 per week. Most parents give their children a steady allowance and it’s in their best interest to figure out how to spend it right. Kids don’t have to be left on their own when deciding how to spend their allowance, thus learning more about financial literacy. You, as a parent, can and actually should help them learn more. It's important that they understand the value of money from an early age and know how to make better financial decisions. This will help them when they are the ones making money.
You can use technology to teach financial literacy to children
Although your kids might probably already know everything about technology and apps and it’s impossible to take an electronic device out of their hands, you can try to take advantage of this “addiction” and use technology for good. There are a number of useful apps that you can use to teach your children financial literacy. Do your homework and research apps that might serve your purpose. Those apps are great and engaging and will make the whole learning process so much more fun and interesting for your kids. Why use old ways if you can make it in your “kids way”?
Use apps to help you and your children track chores, allowance and spending
Part of financial literacy is knowing what are your expenses and managing them right. You should always keep track of how much money you earn compared to how much money you earn. Taking advantage of technology, you can consider using the FamZoo app. It only costs $40 a year but allows children from preschool right up to college to learn about managing their finances. It can keep track of all allowances and chores your children are getting. The other great app is the Allowances & Chores Bot.
Talk to children about money
You should be open and honest with your kids when it comes to money. Make some steps towards their financial literacy, they need to know what to expect when they will have to manage their finances on their own: try involving them when making any important family financial decisions, talk to your children about money from an early age, make sure they understand the value of money and importance of managing it. You can use the Goalsetter app to teach your children how to save. It offers a savings account, quizzes, and child-friendly information that can be very helpful in educating your offsprings.
Knowing not only how to earn money but how to manage it is a very important skill that does not come on its own. There are so many opportunities to learn the easy way for your children right now. And it’s your responsibility as a parent to help them figure out as much as possible about financial literacy until they have to make these decisions on their own.