Managing money can be hard enough as an adult. Experts have said there is no time like the present when it comes to teaching your kids those skills.
One app is trying to make it easy for parents when it comes to paying your kids for chores, while teaching them a thing or two about the value of a dollar along the way.
‘Busy Kid’ wants to create a balanced financial relationship with money that starts with hard work and is rewarded on pay day at your house.
But there’s more to it than that. The founder of the app sees this as healthy habits that will hopefully stick with your kids for life.
For the Sheridan girls, doing the dad favors such as walking the family dogs, doing the dishes and taking out the trash helps lighten their parents’ load.
“Some of my chores include how much money I get for walking the dogs, for feeding them, I can get money for loading and unloading the dishwasher,” 16-year-old Tessa Sheridan said.
Her father turned to the app a few years ago to manage the chores as well as his daughters’ spending habits. In this digital age, it makes more sense for them as opposed to old-fashioned job charts.
The app helps them all keep track of money earned and then breaks it out into three critical categories: Save, Spend, Share.
“It’s not just an earn and burn philosophy which is what most kids do and they like it,” CEO Gregg Murset said.
‘Busy Kid’ will ask the age of the child and even make suggestions on chores and how much they should be paid at that age.
It also helps the adults decide how much should be allocated to each category, which can be divided up to the parents’ preference.
“One thing these kids have seen is how much we do in our community. We try to instill that. Well, that is part of the app too,” Kevin Sheridan said.
The ‘Busy Pay’ feature makes chores outside of the home, or birthday or graduation money from relatives easier to deposit as well. Kids can share the QR code and the touchless cash heads straight to their account.
As far as spending goes, it’s made easy with the spend card, which can be used easily at a point of sale.
The app’s features work to integrate today’s children into an increasingly cashless society. For Kevin Sheridan, the app provides the best of both worlds.
“It was just as much an easy way to reimburse them for helping around the house and instill this work ethic and this understanding that if you work, you get paid for it,” Sheridan said.
Tessa is on board with the app as well, cashing in on her earnings when she can.
“It’s good because you are too young to get a job, but you also want to make money. This way it’s easy to keep track of. You don’t have to organize your cash. It’s all in one place, that’s why I like it,” Tessa said.
The ‘Busy Kid’ app is both iOS and Android friendly, costing a family $19.99 a year including one spending card. If there are more cards needed for kids in your house, it’s $7.99 per card.
Read more Chicago news headlines here.