Top Three Websites to Teach Kids about Money
The general notion of proper financial management is a precarious one. Indeed, many people have issues with money throughout their entire lives. Trying to stay afloat, financially speaking, while providing for a family and planning for things like retirement is a balancing act that requires the utmost skill. And if grown-ups have their hands full in the world of commerce and financial planning, these realities are often totally lost on children. Which is precisely why they need to learn about money sooner rather than later.
There really is no child too young to begin learning the basics of money. After all, kids start learning numbers in kindergarten, with basic math following in the first grade. It only makes sense, then, that children get a sense of the financial engine that fuels the world they live in during these young years. It can likely give them an advantage later in life in the form of thrift and healthy saving practices.
So with that in mind, here are some of the top websites online that can aid in teaching kids the fundamentals of money.
CountMyBeanz.com
This is a good site for helping very young kids (ages 3-8) to start learning about money. The site substitutes dollars for “beanz” and allows parents to open up virtual savings accounts for their kids, with each child in a family limited to one account. Kids earn their beanz by doing chores or other tasks set by their parents. They can then log into their member account in order to check their available balance or deposit more beanz.
ThreeJars.com
This site operates on an IOU basis and is geared towards children ages 5-13. Like with CountMyBeanz, parents divvy out the virtual currency in exchange for completing tasks. The kids can then deposit their IOUs in one of three jars (hence the name) labeled: “spend”, “save” and “share.” The child can then redeem these IOUs for purchases in the real world. Parents link their debit cards to the site and the child sends an online request when he or she wants to cash out. The “share” jar is particularly noteworthy because it allows kids to donate their IOU money to charity.
Tykoon.com
This site focuses on a similar age demographic as ThreeJars (8-13). And like the former, Tykoon aims to teach kids about saving and giving. The child deposits his or her virtual currency in an account, and this account is linked to a card. The convenient thing about this option is that the site has partnered with major e-commerce sites like Amazon.com. Parents can approve or disapprove of items on their child’s wishlist and then the child can make purchases automatically via Tykoon.
Each of the above-listed apps can be of service to all parents looking to instill respect for the almighty dollar in kids of varying ages. But one thing all of these sites stress is the notion of saving. Because the sooner kids learn the value of responsible financial management, the easier time they will have in this world.
Amy Fitzgerald is a professional blogger that provides financial advice and tips to consumers. She writes for TitleMax.biz, a title loan company.
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Category: Family Finances, Financial Education
