The 8 best budgeting & money apps for kids & teens: 2024 guide

 The 8 best budgeting & money apps for kids & teens: 2024 guide

Are you looking for budgeting and money apps that teach your kids and teens 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 money & budgeting apps, how they work, and specific features to look out for when deciding what's suitable for your child.


Related: Teaching kids about money, Budgeting for kids, Budgeting for teens




What are the benefits of budgeting & money apps for kids & teens?

Money and budgeting apps are fantastic tools to help your child keep track of their finances and understand how much they spend. 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 money 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, Money management for teens

How do budgeting & money apps work?

A budgeting & money app is a mobile app that helps kids learn to manage their finances. These apps can be used for a variety of purposes, including pocket money, tracking spending, budgeting, saving, and organising your money. Money apps can be a great way to engage kids in learning more about money and money management. They can do this in a variety of ways, but most commonly, they will:

  • Connect to all accounts automatically and import transactions.

  • Allow the user to enter transactions manually.

  • Categorise spending so your child can see where money is going.

  • Set budgets and track your child's progress towards their budgeting goals.

The best thing about these apps is they can help kids and teens 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 & money apps for kids & teens


What do you get?


GoHenry's mission is to make every kid smart with money. The debit card and app are packed with great features that help kids safely and securely learn about money, from saving to smart spending. In-app Money Missions make learning about money fun and engaging with videos and quizzes covering everything from saving to budgeting. Parents can set flexible parental controls on the GoHenry app and receive real-time spending alerts whenever their kids use their GoHenry kids’ prepaid debit card. You can also create savings goals and recurring pocket money payments.


What’s the cost?


GoHenry membership starts from £3.99 a month (everyday). A customisable card costs £4.99, or a non-customised card is free.





What do you get?


Gimi’s purpose is to enable parents and kids to keep track of their pocket money. It also aims to give kids an understanding of their finances and can help with financial education. Kids get to see their in-app virtual piggy bank fill up each week as money comes in. The app is designed to bring parents and kids together as they learn the three basic lessons of finance: earning, saving, and spending.


What does it cost?


There is a lite version of the app, which is free, but it costs £2.99 a month if you want access to savings goals, lessons and financial knowledge material.



What do you get?


iAllowance is an app that links the completion of chores with pocket money. You can prompt your kids virtually to finish their allocated tasks, and iAllowance syncs across your family's devices, so you can print reports on how your child is performing. The app does not actually hold money, you need to physically hand over money, and your children will be responsible for looking after it. There is no debit card with this app.


What’s the cost?


Only available on iOS, the app has a one-off cost of £2.99


Pigby’s Fair

What do you get?


Pigby’s Fair is a money app that offers children the chance to learn about money management by playing a virtual game. Children run a stall at a village fair and manage and create stock. One of the good things about this app is that children get to indulge their love of playing games and learn about money at the same time.


What does it cost?


It's free.



What do you get?


Otly! is an appealing app that allows children to monitor and track their money. Shared between the parent and child, the app is installed on both of your devices. You take primary control over the app and set up a digital record of pocket money given over time. You can also track what’s spent so that your children can see the impact of money coming in and money going out. Your kids can access the junior app, separate their money into various savings pots, and see graphs of their savings as they accumulate. Children may also enjoy the countdown to their next pocket money deposit.


What does it cost?


It's free.


Natwest Rooster

What do you get?

Natwest Rooster is a prepaid debit card and budgeting app that is designed to help kids and teens learn about money and financial responsibility. It allows kids to easily track their spending, set budgets, and save for their goals and comes with a chore tracker.


What does it cost?

£1.99 a month or free for Natwest customers


Starling Kite

What do you get?


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 to check their balance, see transactions and receive real-time spending notifications. The card comes with parental controls and the ability to set spending limits.


What does it cost?


Free with a parent account


Revolut <18

What do you get?


Revolut <18 comes with an app and prepaid debit card that allows kids to start learning how to manage their finances. The app comes with parental controls, the ability to set spending limits and instant spending notifications. A child can only have a Revolut <18 if a parent or legal guardian already has a Revolut bank account.

What does it cost?


Although Revolut <18 is free to set up, transaction fees are linked to whatever type of Revolut account the parent is subscribed to.

Are money apps safe?

Money apps for kids have strong security features, such as PINs, passwords, and two-factor authentication. This helps to protect your child's account from unauthorised access. They also offer parental controls that allow you to set spending limits, block certain websites and apps, and view your child's spending history. Using one also gives you a great opportunity to talk to your kids about safety tips and keeping their money safe online.


Why money apps can help teach kids about money?

Our research shows that kids who learn about money at a young age are more likely to make better financial decisions than adults. Our research in partnership with Censuswide and Development Economics shows that 77% of adults earning between £55,001 and £65,000 per year received financial education as a child. 


Financial literacy is also important for kids, as children who learn to manage their money are more likely to avoid debt, save for retirement, and build wealth. Plus, research shows they will likely be £70,000 richer in retirement


“Financial literacy provides the opportunity for more young people to have a bright and prosperous future,” says Louise Hill. “It also brings a range of individual, societal and workplace benefits – we just need to empower young people with the right tools and knowledge.”


That’s why money apps are an excellent way for kids to learn about money management, earn money, track spending, and stay safe. They are also a great way to start conversations with your child about the value of money, spending and saving. Whichever app you decide to use, be sure to talk to them about how to use it responsibly and make wise spending decisions.




Information is correct at the time of publishing the article.


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Written by GoHenry Published Jan 10, 2024 ● 2 min. read