BusyKid Inc, the company which developed the BusyKid chores app for kids and teens, announced the launch of the BusyKid Prepaid VISA Spend Card. With this card, kids/teens can spend money deposited in their BusyKid accounts or directly onto the card to buy goods or use them at ATMs to get paper cash.
BusyKid lets you pay allowances or provide a bonus through the app. Every family account allows up to five children (ages 5-17) to have their own account. It’s a tool that helps you organize finances in the family, but also helps your most valuable asset – learning how to manage money in a modern and convenient way.
“Kids need to learn the basics of personal finance at school so they know the terms and concepts, but the problem is that most schools never teach it, and certainly don’t have a anything to provide hands-on experience, ,” said Gregg Murset, CEO of BusyKid. “This leaves it up to parents to make sure good financial habits are practiced at home and that starts with their first job – household chores that they earn money for completing which gives them the opportunity to learn through practice the value of an earned dollar versus one that is just handed to them. An app like BusyKid lets them learn how to budget digital money, save, and donate. They even learn how to invest.”
The app offers a new, smooth, and automated way of handing out allowances. You can set fixed allowances based on your kids’ age as well as fixed prices for any of the chores. This way you can show your children that the distribution of money in the family is impartial and based on their age and effort, so there isn’t much room for anyone to feel like they’re being treated unfairly.
Parents can also split the money into three separate sections – save, spend, and donate. You can even decide to empower them to move the funds from one section to the other, or whether a larger savings account is the goal. . Also, all the transactions are recorded and stored in the app so both parents and kids can always have a very comprehensive picture of everyone’s spending habits.
Now, with the BusyKid app, users can utilize the BusyKid Spend Cards. Every child has a profile in the app with a personalized card that can used to shop online or in any store where the Visa card is accepted. For the parent who still wants control, BusyKid has the answer with a series of approvals and notifications which ensure money isn’t allowed to leave the app account without a parent saying ok. This way the BusyKid app helps encourage kids to be more independent in their buying decisions, but still gives the ultimate control to the parents, just in case.
The process of adding the funds to the BusyKid Spend kids debit card is quite easy and the app is very user-friendly in general, which is good news for the parents. As for the kids, they have a chance to learn about finances and create healthy money-handling habits with the help of platforms and devices they understand.
There are several important “life” lessons children can be taught thanks to the BusyKid app and the BusyKid Spend Card. They learn to earn their own money, organize their budget, make financial decisions, use e-banking, keep track of their balance, and get a hang of how money works overall. For parents, it comes down to more help around the home, less trying to find actual money to give them, and finally, peace of mind knowing that this could put them in a much better financial position as an adult.
More info about the BusyKid app and Spend Card on this link: https://busykid.com/
About Us: More info about the BusyKid app and Spend Card on this link: https://busykid.com/
Release ID: 89079504
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