Help Your Young Children Understand Credit Cards and Budgets With This App
One of the things I would like to learn as a kid or even in high school is the basics of money management. I’m fine now, but when I turned 18 and finally became old enough to apply for a credit card, I set myself up for years of failure because I just didn’t fully understand how they are or things like that. like a real budget really work. … Yes, there was a theory, but I had no real experience.
Mellow is an app designed to help you teach kids ages 6-18 so that when they go out into the real world they better understand how to be financially stable in it.
With the app, parents can digitally pay their children the allowance and then track how the child spends it. The magic happens thanks to the connected Mastercard debit card, to which the funds go. Yes, your 6 year old child could potentially have a debit card.
In the app, your child can see how much more he or she has saved and how long he or she needs to wait before he or she receives more money in his or her account (assuming you are working with a regular benefit).
They can set savings goals to buy certain things, like video games or a car, and track those spending every week. If they enter a specific purchase goal, like a $ 100 a month video game, the app might tell them they need to save $ 25 a week to do that.
Parents can also add tasks to the app, such as housework, so kids can see what they can do to earn extra money or other things like screen time.
Both parent and child can see how their money is spent in the app, broken down by category. For example, a child may see that he spends most of his money on food and drink. If they’re trying to get this game, they might consider cutting back on trips to Starbucks or their local ice cream shop.
For adults who already know all this, it’s pretty straightforward; however, for kids who usually didn’t have access to things like credit cards and banking apps, this can be a great way to lay the foundation now to be successful as they try to manage their money in the future.