This Christmas Season Teach Your Children About Money Management

RENO, Nev. (775 Times, NV Globe) – With children receiving more money this Christmas season, it may be an ideal time for parents to teach them financial responsibility.

Asking your youngster what they want to save their money towards is a valuable money lesson. Set a goal for them, as well as a timetable and a mechanism to track their progress. They may have additional things they wish to do or purchase around the holidays.

This is also an excellent moment to teach your youngster about budgeting. There is another option besides give a regular gift card or cash. Family members may give the gift of financial awareness and responsibility to their children with the app BusyKid.

Gregg Murset, Certified Financial Planner and CEO of BusyKid, highlighted how their software may be a Christmas present for children this year.

“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 pay-per-use app. It costs $19.99 a year for the entire family. All transactions are carried out under the supervision of an adult.

Credits: KoloTv