Teaching kids to be money smart this holiday season
RENO, Nev. (KOLO) -With kids getting some extra cash this holiday season, it may be an ideal time for parents to teach them how to be financially responsible.
Valuable money lessons include asking your child what they want to save their money for. Have them set a goal, create a timeframe, and a way to measure their saving progress. During the holidays, there may be more things they want to do or buy.
This is also a great time to teach your child how to budget. There is also an alternative to giving the traditional gift card or cash. The app BusyKid allows family members to give the gift of financial literacy and responsibility.
Gregg Murset, Certified Financial Planner and CEO of BusyKid, mentioned how their app could be a gift for kids this Christmas,
“If we’re just like here’s some money, go blow it, what are we actually reinforcing to them when we have them do that kind of thing? We created something called BusyPay where you can literally give money to a kid, and it goes into three different buckets where it’s like a balanced financial approach. They can invest in stock, they can give to charity, they can put some money on a card and make some transactions that you can see,” Murset said.
BusyPay is a subscription-based app. It costs $19.99 annually for the whole family. All transactions are made with adult supervision.
For more information about BusyKid click here.
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