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Turning Allowance into Financial Literacy for Kids

By May 29, 2020Blog

Thomas Bull loads the dishwasher as part of his weekly chore list.

When our children were young, we tried every way possible to get them to do their chores. We tried chore charts, writing chores on popsicle sticks to pull out of a cup, writing down the chores and assigning dollar values to each task, and more. Unfortunately, we were never able to settle on a consistent way to get them to complete their chores. I would end up frustrated, the beds remained unmade, and the kids still wanted money.

When our team at The Turner Agency learned about the BusyKid app, we immediately jumped on as a sponsor. The BusyKid app allows parents to set chores for their children. When the kids complete them, they are paid a weekly allowance.

Why does BusyKid work so well? First, kids love technology, and this app is easy to use. BusyKid helps them stay organized with their daily chores and automatically deposits the allowance they earn. For the parents, paying allowance is easy. No more running to the bank or scrounging up cash to pay for completed chores each week. Using the BusyKid app, you can pay your children with the push of one button.

In addition, the BusyKid app is a great tool for teaching money management. The app itself is free.  Just go to:  https://signup.busykid.com/turner .

With the BusyKid app, a percentage of allowance is automatically put into savings, and then the kids have several options for the rest of the allowance. They can tithe to their church, donate to a charity, invest in real stock, or transfer funds to a prepaid spend card to be used just like a debit card.

Understanding how money works is critical to everyday life, and BusyKid is a great teaching tool. The BusyKid app teaches children at an early age the value of working for their money, along with the importance of saving, giving, and investing. All of this is done with the parent’s input.

Natalie Anders has four children, and said that this is been the perfect time to begin using the BusyKid app.

“The BusyKid app has been an exciting addition to our daily routine.  The little girls are more excited about checking the “jobs” off the list, while the older kids are more excited about the extra cash they are earning,” said Anders.

Anders continued, “I can also say it has been a fun family experience because we took time to talk about what we thought their jobs should be and how much each job is worth.  It was fun to hear how their little brains work.  With the little girls, I added tasks that are not necessarily chores, but are still important to their daily routines.  For example, they can earn 25 cents for brushing their teeth and combing their hair, and 50 cents for reading a book, a devotional, or their Bibles. Overall, implementing the BusyKid app has been awesome. I can see benefits for all age groups and for the entire family.”

Shannon and Curtis Bull set up the BusyKid app and were surprised at how quickly their boys began doing chores around the house.  “The boys fight for the jobs that pay the most.  I am amazed at how fast they get things done.  This is a game changer,“ said Curtis Bull.

For your free app, go to:  https://signup.busykid.com/turner.  We also have a cheat sheet of instructions and frequently asked questions, so email us at turner@turneragencyinc.com or call 864-288-9513 for a copy.