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  • Money app for kids


    Is anyone familiar with any apps that allow kids to keep track of money?  My kids both keep "wallets" with money that they get from various places (mostly gifts) and I don't think it's the right thing to teach them to leave cash laying around like that.  What I had in mind was, taking physical possession of the cash from them, then using an app that could keep track of their "balance" and whenever they want to buy something they could make a "withdrawal" and I would give them the cash they requested, and debit the amount from their balance.


    The money we're talking about is in the neighborhood of $100 each, so it wouldn't really be necessary to keep it in an actual bank account.  I could just collect and dispense it from petty cash, but to them, it would appear to be in an "account" that they could manage.


    Any ideas?


    Thanks,

    Jim


  • #2
    We use YNAB for our personal budget, so my plan is to teach the kids to use that when they are old enough.  It has an app.  I think there is a setting where you can have multiple budgets under one account.  we were grandfathered in, so we dont have to pay a monthly rate.  i think that the newest deal is online and requires a subscription, which may not be worthwhile for your application.  maybe newer users of YNAB can reply.  anyways, we like it for our budgeting and I hope that it will continue to work for teaching budgeting to the kids.

    Comment


    • #3
      That sounds complicated. Why not just get a bank account? I opened one for my 9 yo just last week, with like $25. He's so excited to have his very own debit card. We can go online to check his balance and that way we don't have to keep track of the money ourselves. They also make you open a savings account too, so he's learning about how to save and not just spend. It was easy enough to set up. The only disappointment came when he realized he wasn't going to actually put his money in a vault that he can visit on a regular basis, harry potter/gringotts style.

      Comment


      • #4


        The only disappointment came when he realized he wasn’t going to actually put his money in a vault that he can visit on a regular basis, harry potter/gringotts style.
        Click to expand...


        He isn't the only one.

        Comment


        • #5


          so it wouldn’t really be necessary to keep it in an actual bank account.
          Click to expand...


          No, it wouldn't - a piggy bank works. But you should. Any you should teach them about investing too. Perhaps something like Fidelity has something you could use, both as as savings account and as a Roth (have them do some work to earn money!). They have an app too!

          Comment


          • #6




            We use YNAB for our personal budget, so my plan is to teach the kids to use that when they are old enough.  It has an app.  I think there is a setting where you can have multiple budgets under one account.  we were grandfathered in, so we dont have to pay a monthly rate.  i think that the newest deal is online and requires a subscription, which may not be worthwhile for your application.  maybe newer users of YNAB can reply.  anyways, we like it for our budgeting and I hope that it will continue to work for teaching budgeting to the kids.
            Click to expand...


            LOVE YNAB. I was a ynab desktop user and have transitioned to the new web-based YNAB. Since most of my transactions are on the CC, the import function has been key.

            If you're already a ynab user it'd be easy to keep a separate line for the kid's budget, but not sure I'd join YNAB just to do this unless you wanted to budget yourself.

            Comment


            • #7




              No, it wouldn’t – a piggy bank works. But you should. Any you should teach them about investing too. Perhaps something like Fidelity has something you could use, both as as savings account and as a Roth (have them do some work to earn money!). They have an app too!
              Click to expand...


              Believe me, I would love to open Roths for my kids.  But since I am a W-2 employee, I have not figured out a way to have them earn income, at least not that would satisfy the IRS.  $100 is not enough to open an investment account, even for kids.

              Comment


              • #8


                Believe me, I would love to open Roths for my kids.  But since I am a W-2 employee, I have not figured out a way to have them earn income, at least not that would satisfy the IRS.  $100 is not enough to open an investment account, even for kids.
                Click to expand...


                Then give them 200! Or some for a birthday. Or whatever. My point was starting a habit, and having a place to check it. Where the $100 lives isn't key, it's knowing that it lives somewhere, and that every (week/month/birthday/etc) that 100 is joined by other funds. STarting now shows them they'll have an investment account by college. (or a high yield savings, or money market or something).

                 

                And, there are lots of jobs that kiddos can do, etc. See #4 on this post.

                Comment


                • #9




                  And, there are lots of jobs that kiddos can do, etc. See #4 on this post.
                  Click to expand...


                  You know that IRA money has to be earned income, right?  And that the iRS won't let you get away with paying your kids for doing common household chores.  Other than child actors and kids who help parents with their own businesses, it is quite difficult to have a child earn income.

                  Comment


                  • #10


                    I was a ynab desktop user and have transitioned to the new web-based YNAB. Since most of my transactions are on the CC, the import function has been key.
                    Click to expand...


                    tangent.....  id be interested to hear why you went to the new web-based YNAB?  i have the desktop version still - havent seen the need to pay the monthly fee.  what has been the big advantage?  not sure what you mean by import function?  the desktop has import function too??

                     

                    but i agree with you - unless you are already using YNAB or a budgeting software, i wouldnt open it just for the kids to have an online budget either.

                    Comment


                    • #11




                      Is anyone familiar with any apps that allow kids to keep track of money?  My kids both keep “wallets” with money that they get from various places (mostly gifts) and I don’t think it’s the right thing to teach them to leave cash laying around like that.  What I had in mind was, taking physical possession of the cash from them, then using an app that could keep track of their “balance” and whenever they want to buy something they could make a “withdrawal” and I would give them the cash they requested, and debit the amount from their balance.


                      The money we’re talking about is in the neighborhood of $100 each, so it wouldn’t really be necessary to keep it in an actual bank account.  I could just collect and dispense it from petty cash, but to them, it would appear to be in an “account” that they could manage.


                      Any ideas?


                      Thanks,

                      Jim


                      Click to expand...


                      "Leave cash laying around like that" = $100??  Big deal.  Are you afraid they will lose it or a friend will steal it?

                      One of the most satisfying things about saving money as a young child was being able to go find it and count it.  I held my little wad of bills and felt rich.

                       







                      No, it wouldn’t – a piggy bank works. But you should. Any you should teach them about investing too. Perhaps something like Fidelity has something you could use, both as as savings account and as a Roth (have them do some work to earn money!). They have an app too!
                      Click to expand…


                      Believe me, I would love to open Roths for my kids.  But since I am a W-2 employee, I have not figured out a way to have them earn income, at least not that would satisfy the IRS.  $100 is not enough to open an investment account, even for kids.
                      Click to expand...


                      I opened an UTMA for my son with Vanguard with literally exactly $100.  Bought one share of a vanguard ETF commission free, too.  I don't recall there being an account minimum.

                      Comment


                      • #12





                        I was a ynab desktop user and have transitioned to the new web-based YNAB. Since most of my transactions are on the CC, the import function has been key. 
                        Click to expand…


                        tangent…..  id be interested to hear why you went to the new web-based YNAB?  i have the desktop version still – havent seen the need to pay the monthly fee.  what has been the big advantage?  not sure what you mean by import function?  the desktop has import function too??

                         

                        but i agree with you – unless you are already using YNAB or a budgeting software, i wouldnt open it just for the kids to have an online budget either.
                        Click to expand...


                        ynab desktop import is not auto - (did they change this?). The web one connects to your accounts like Mint etc does. I have a TON of transactions so having to import them manually would be a huge PITA. And I check ynab more than I should prolly.

                        I like being able to check budget away from my home computer too.

                        Comment


                        • #13


                          The web one connects to your accounts like Mint etc does.
                          Click to expand...


                          okay, thanks.  i did not realize that the web version does auto import like mint.  that would be nice...  i can check my budget away from home on my app though.

                           

                          thanks for info!

                          Comment


                          • #14
                            Regarding these money apps, are any of these apps - Mint, YNAB, etc. - able to automatically categorize multiple items within a receipt with accuracy?  That's my issue now - we'll go to Walmart and have things from 3-4 different categories (Kids misc, cosmetics, groceries, etc.) but I haven't seen where these apps will reliably place these into your desired budget categories and also account for the differential effect of taxes (none on food, 7% tax on everything else for example).

                            Regarding kids, I guess it depends on the age.  Paypal might satisfy what you're talking about, with free transactions between friends/family.  You just take the cash and deposit it in some bank account you have, and send them $100 via Paypal.  But as they get older I'd want them to be depositing that into their own bank account and keeping track of their investments as well as expenditures.  Excel/Numbers works great for this and is free.

                            Comment


                            • #15





                              The web one connects to your accounts like Mint etc does. 
                              Click to expand…


                              okay, thanks.  i did not realize that the web version does auto import like mint.  that would be nice…  i can check my budget away from home on my app though.

                               

                              thanks for info!
                              Click to expand...


                              You can check but can't do much but enter transactions on the phone app.

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