Teaching Money Management

Money management is a crucial skill, one that needs more focus and attention than it currently gets (particularly with older kids.) Here’s a good summary of options from Emerging EdTech:

1. iAllowance — Not only does iAllowance teach your kids about saving money and personal finance, but you can even set up money management tools for chores, allowance and goals. It’s a great tool for motivating your child, as it will show them how much they need to save to have enough money for something they might want to buy. It’s perfect for the five to ten-year age range. Its cost is $4.99.

2. Savings Spree — Winner of the Parents’ Choice Gold Award and several other accolades, the Savings Spree app is all about teaching kids the basics of money and personal finances. The game demonstrates the choices involved with making financial decisions, as well as some of the uncontrollable factors that come along with managing your own money. The interface is kid friendly and extremely engaging. The reviews would appear to make this $6 app more than worth it.

3. P2K Money — P2K Money is a free option that mimics much of what you get with iAllowance. If you need an app that will maintain some of the functionality of the paid options but with a free download; this is the way to go. It is more geared towards allowing your kids to manage their money, and less ‘educational’.  This application would be a good option for kids between the ages of 8 to 13.

Is it just me or in this case does the free app seem like the less appealing option? Normally I’m all for free ed tech software, but there’s something about this subject area that says there should be a price, if only a small one.

 

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