vlog

Skip to content
NOWCAST vlog News at 10pm Weeknights
Watch on Demand
Advertisement

Rossen Reports: Teach your kids how to save with these cool apps

Rossen Reports: Teach your kids how to save with these cool apps
Hi. Yeah, I have three kids myself so we're in the same spot, We're all trying to teach them the value of money and we don't want them spoiled. Let me make our jobs easier. There are apps and tools that you can use that make it easier and kind of fun for them. And I'm showing you the ones I actually use with my own kids. We talk about it every day in my house to teach them how to save. Let's start with this highly rated app. It's called the chores and allowance bot. So here's what you you can actually track chores and you can track the allowances that go in and what he spends and let me show you, come on in here *** lot of pictures, which is fun. So I come over here to chores see where it says chores. I come in here and blake's job and you can see every day his job is to take the dog for *** walk, right? He has to do that every day once he's done, he can click done and it automatically goes in and we both can track his money two with this button right here you hit ledger and this is what he does deposit, he made 20 bucks, but he had *** deduction five bucks because he broke his screen by the way. So the deductions and the deposits are in there and he can track how much money he's making very easy for kids to use and for you to monitor it. Okay. But with this next one you can turn it all into *** game with actual real prize money. That's where this free app comes in, it's called Zozo Go there are finance lessons and they're pretty fun with each right answer. You earn points and your child can cash the points in for $5 gift cards. To any of these places like Nike and Starbucks. But this next app takes it all to the next level. It's called Green Light. And the basic plan costs about $5 *** month. You can connect *** debit card, Apple Pay or google pay because it uses real money. I use this one for both my kids blake who just turned 11 and Sloan who's 13. So look at this, all of her allowance goes right onto *** card that I control how much is on it. So right now she has $19.56 inside of here. And look at this. I can actually see her history of where she's actually spending that money and I get alerts every time she spends money, why do you like this? I get an allowance every week and I know how much I have for that week, teaches you how to budget. It teaches you like that, you should say every week, like you know how much money you get and don't go over that, don't go over that or you don't give them money and she's also learning how to save with the apps round up feature. For example, when I go to Starbucks I spend 3 50 but like they'll just round up to $4.50 will get saved. So you don't even have to worry about, you have to think about saving money. It's doing it for doing it for you. Just round up and it adds up and by the way she's *** Rawson, right? Look at her, looking at the camera and for blake I use it to teach him about the stock market. Yeah, the real stock market on the green light app. Look at all of these companies that you can invest in. You know all the ones that you and I can invest in Apple Microsoft amazon. It goes on and on and on. *** lot of companies that you can do. So I gave blake $100 as *** birthday gift and I said this is for you to invest in companies and every day now we talk about his investments, show them what companies have you invested invested in Apple amazon Microsoft and netflix. Okay so you can see it right here and look at this, this is today, he has $115. It's been *** long time and he's made 15 bucks and it's gone up and down and it's teaching him, he looks every single day after school and you said you had *** good day today right, how much did you make? $3? That's *** pretty good day. Why do you always ask me, by the way, if I can cash out? He always says, can I cash out and spend this on games? And I say no, this is *** long term investment, right? Because if you wait, You would have cashed out *** while ago and you wouldn't have $15, right?
Advertisement
Rossen Reports: Teach your kids how to save with these cool apps
Studies show that kids start to understand the value of money by the time they turn 3 years old. And by age 7, kids start developing a relationship with money.That's why teaching your kids about finances is so important. But it's a tough task. How do you explain saving, interest, loans, stocks and more? There are apps that can help you do that. They make the task easier and somewhat fun.Here are a few of our favorites:Chores & Allowance Bot: This app lets you track chores and allowances that you give to each of your kids. You can set up a daily, weekly, or monthly chore checklist for your kids and once they complete it, they can check it off the list. Your kids can also track money in the app. Once they get money in or spend money, they can mark it to keep an accurate account of what’s happening with their money. There's a free version, but you can also upgrade to a premium one for $30 a year.Zogo: This turns finance lessons into a fun game and your teens can earn real prizes. It’s going to give your teen bite-size information and finance lessons as quizzes. For each lesson (loans, budgeting, etc.), they earn points. Once they gather enough points, they can cash in for $5 gift cards to places like Target, Amazon and Starbucks. And your teen can play around with calculator tools that will help teach them how to establish a budget, car loan, etc.Greenlight: The basic plan costs about $5 a month. This app pairs with a debit card, Apple Pay and Google Pay. That’s how you load money on the physical card, account and app. As your kid spends, you can keep track of what they’re spending on with real-time alerts. Then, you can have a discussion about responsible spending. The app also encourages your child to save as well. The app will let your kids research different stocks EFTs, letting them invest in which ones they’re interested in and make some money on their own, too.

Studies show that kids start to understand the value of money by the time they turn 3 years old. And by age 7, kids start developing a relationship with money.

That's why teaching your kids about finances is so important. But it's a tough task. How do you explain saving, interest, loans, stocks and more? There are apps that can help you do that. They make the task easier and somewhat fun.

Advertisement

Here are a few of our favorites:

: This app lets you track chores and allowances that you give to each of your kids. You can set up a daily, weekly, or monthly chore checklist for your kids and once they complete it, they can check it off the list. Your kids can also track money in the app. Once they get money in or spend money, they can mark it to keep an accurate account of what’s happening with their money. There's a free version, but you can also upgrade to a premium one for $30 a year.

: This turns finance lessons into a fun game and your teens can earn real prizes. It’s going to give your teen bite-size information and finance lessons as quizzes. For each lesson (loans, budgeting, etc.), they earn points. Once they gather enough points, they can cash in for $5 gift cards to places like Target, Amazon and Starbucks. And your teen can play around with calculator tools that will help teach them how to establish a budget, car loan, etc.

: The basic plan costs about $5 a month. This app pairs with a debit card, Apple Pay and Google Pay. That’s how you load money on the physical card, account and app. As your kid spends, you can keep track of what they’re spending on with real-time alerts. Then, you can have a discussion about responsible spending. The app also encourages your child to save as well. The app will let your kids research different stocks EFTs, letting them invest in which ones they’re interested in and make some money on their own, too.