Learning personal finance is an essential life lesson that many kids today are unfortunately missing out on. Only six states require high schoolers to take a personal finance class before graduation and the reality is most kids will move out of the house without ever learning how to budget, save and invest. BusyKid is tackling this problem with the introduction of BusyPay, a new feature of its leading chore chart and allowance app.
BusyPay, the latest enhancement for BusyKid, is an easy way for a grandparent, friend, or neighbor to add money to a child’s BusyKid account. It’s perfect for birthdays, holidays or paying for other tasks that kids complete like babysitting, mowing the grass or shoveling snow. There is a $1 transaction fee to use the BusyPay feature (plus any transaction fee charged by the bank or credit card company that is transferring the funds).
BusyKid is the first chore chart and allowance app where children can earn, save, share, spend and invest real allowance. The platform, available for all mobile devices, is easy to use, highly secure and provides kids the hands-on experience in managing real money they won’t get in school. There is also a personalized prepaid Visa® debit card that can be used for shopping online or in stores.
BusyKid is only $19.99 a year and includes one BusyKid Prepaid Visa Spend Card and no purchase fees on stocks. Kids can select from 11 designs for cards that have no fees for transactions, reloads and withdrawals.
In addition to being able to earn and spend money through BusyKid, kids can also experience the joy of helping others and the thrill of watching investments grow over time. There are nearly 50 charities kids can choose to donate to and hundreds of opportunities for investments through the app. For as little as $10, kids can buy fractional shares of the most popular public companies they see in the news or from companies whose products they use every day.
“Solving America’s personal finance crisis starts by providing our youngest generations with better tools that empower them to learn the lessons about money that their parents and grandparents were never taught,” said Gregg Murset, CEO of BusyKid. “This starts by giving kids the opportunity to practice earning, spending, saving and investing money and engaging in conversations with them about money instead of avoiding the topic.”