The Piggy Bank: Heard about BusyKid?
BusyKid, it’s not just the definition of most children today. It is a web based service that helps teach kids financial responsibility. Parents assign tasks and chores to family members; placing a cash value on them and then children can determine how money is spent or saved. They can buy gift cards from over 250 retailers, support a charity, invest in stocks, or save for later.
Everything exists in one family account which is accessed using a 4-digit pin. Parents are required to link their bank account to the family account for payment to the child. The site provides recommended chores by age group but the parent can also create their own and can customize the chore’s value or earnings as well as its frequency.
Once the child completes the task, they can click the “I did it!” button on their mobile device. This then alerts the parent and they can approve the that it was done correctly before it pays the child. The money is directly deposited on Fridays into the child’s account, following the parent’s approval via text. Should the child choose to cash out instead of buying gift cards, then the money is redeposited in the parents account and it is up to them to withdraw the funds to give to the child.
Now people, I’m not advocating this service nor am I “poo-poo”ing it but just wanted to share this service because if it fits your family it is kind of a cool thing! It almost creates an employer relationship for your child before they are of working age.
Here’s a link to check out Busy Kid: http://busykid.com/financial-literacy-for-kids/
Source: http://www.macworld.com/article/3212254/data-center-cloud/busykid-review.html