LOUISVILLE, Ky. (WAVE) - Spending comes easy to most of us. Even young children have no trouble finding what they love and asking for the money to buy it. The lesson to learn is how to save money and spend it wisely.
“I’ve yet to find a kid that has a problem spending money,” Gregg Murset, father of six and co-founder of the BuskyKid App, told WAVE 3 News. “They’re gonna spend it no problem. They figured that out just like that but it’s the ability to teach them that you don’t do that.”
BusyKid is a subscription-free chores app for kids that teaches financial literacy and responsibility.
“I describe it as a kids first job with direct deposit,” Murset said with a laugh.
The app features pre-loaded chores based on a child’s age that parents can customize as needed. Parents link a bank account, debit, or credit care through the app to pay your child allowance based on the chores they have completed. Your child can receive a BusyKid prepaid debit card for $7.99 a year.
"You give them chores to do,” explains Murset. “They click them off as they do them. We keep track of that.”
Kids receive allowance every Friday after parents check the work to verify that the chores were completed. Parents are then able to approve a text message to OK the transfer of funds from their bank accounts to their busy kid’s account.
Ryker Hamilton is not that fond of the chores, but he loves the opportunity to earn and manage his own money.
“I have ‘baby sit sibling,' ‘bring dirty laundry,’ ‘clean bathroom,’ ‘empty dishwasher,’ ‘match socks,’ ‘put away laundry,’” Ryker shared proudly.
The 10-year-old is excited by the "real life lessons” he learns and the hands-on experience of managing his own money he receives from allowance if he finishes his chores.
“We get a debit card from it,” he said with a smile. “I think it’s pretty cool, and we can invest in stocks, and we can donate to charities.”
Ryker’s mother Lauren Hamilton boast of the responsibility she has seen from her son as he manages his money.
“Ryker, even though he’s 10 now, is really learning the importance of money management,” she proclaimed.
As a BusyKid, app users can earn, save, share, spend, and invest real money wisely.
"I don’t want to use too much money cause then it’s gone, and then I have to do a bunch more chores to get all that money back,” Ryker explained.
BusyKid app users must get their parents’ approval via the app prior to any stock purchase, charity donation or addition to their savings account. There is even an opportunity to celebrate your child’s academic achievements.
“There’s a bonus feature on the app,” Ryker’s father Jeremy shared. “He actually earns money for grades, so he brings home A’s on his report card.”
“It’s a good app,” Ryker shared.