Are you looking for budgeting apps that teach your kids how to manage their money? There are plenty to choose from, but finding the right one for your child's needs can be tricky. We look at the best budget apps, how they work, and specific features to look out for when deciding what's suitable for your child.
Related: Budgeting for kids
What are the benefits of budgeting apps for kids?
A budgeting app is a fantastic tool to help your child keep track of their finances and understand how much they are spending. Not only will the right app help your child to stick to a budget, but it will also help them to learn to manage their money.
Beth Zemble, VP for Education at GoHenry, agrees, "There are many activities that can help kids understand the tenets of financial education, but the most important things to teach kids about from a young age are the value of money and how to make good spending decisions."
Using a budget app will also help you talk to kids about money with real-world examples. Not only can you show them the importance of budgeting, but talking about money is a great way to see if your child is ready for a prepaid debit card.
Related: Financial literacy for kids
How do budgeting apps for kids work?
All budgeting apps work by helping you track your income and spending. They can do this in a variety of ways, but most commonly, they will:
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Connect to all accounts automatically and import transactions.
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Allow the user to enter transactions manually.
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Categorise spending so your child can see where money is going.
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Set budgets and track your child's progress towards their budgeting goals.
The best thing about budgeting apps is they can help kids track their spending more accurately than if they were to do it manually. The apps also provide insights into spending habits that your kids may have yet to be aware of and help identify areas where your kids can cut back and save more money.
Best budgeting apps for kids
GoHenry
GoHenry is designed to teach your child about budgeting and help them understand the value of money. All transactions, including incoming pocket money, weekly autosaves to savings, spending, and tasks that earn your child money are shown clearly on the app. This helps your child see what they are spending and how much they earn and save each week.
Our parental features also let you monitor and track your child's spending in the parental app giving you real-time notifications when your child uses their GoHenry kids debit card. You can also set spending limits deciding where and how much kids can spend.
Gimi
Gimi is a money management app that helps kids learn about saving, spending, and budgeting. With Gimi, kids can set savings goals, track their spending, and learn about financial responsibility.
Money Monster
Money Monster is a children's financial literacy app that helps kids learn about money through games, quizzes, and activities. With Money Monster, kids can learn about budgeting, saving, investing, and more.
Natwest Rooster
Natwest Rooster is a budgeting app that is designed to help kids learn about money and financial responsibility. Kids can easily track their spending, set budgets, and save for their goals.
Starling Kite
Starling Kite is a debit card for children aged 6-16 years, designed to make pocket money, saving and budgeting simple. Children have a child-friendly and simplified version of the Starling app on their own phone, to check their balance, see transactions and receive real-time spending notifications.
Teach your kids budgeting with GoHenry today
GoHenry is a great way for kids to learn about budgeting and financial responsibility. With GoHenry, kids can learn all about budgeting in a safe and responsible way. Kids can also use the in-app Money Missions to learn more about budgeting via fun quizzes, videos, and bite-sized lessons for every age. All our lessons are tailored to your child's age and level of understanding to help your teen learn money management.
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