LOUISVILLE, Ky. (WAVE) - If you are a parent having trouble getting your kids to do their homework or their chores, keep reading.
Now, there is an app to help motivate kids to get their chores done, and they can learn about money at the same time.
Eleven-year-old Abigail New keeps herself busy. She does her homework, practices her violin, does yoga and makes her bed.
”I come home on Wednesday and she has my laundry done,” said Kim New, Abigail’s mother.
Sounds like every parents’ dream, right? Kim New said it hasn’t always been that way.
”Homework was a chore, brushing her teeth is a chore,” she said. “She wouldn’t get dressed in the morning.”
Like many kids, Abigail has been home a lot, and doing what she’s supposed to be doing, like homework, has been a challenge. Her mother needed a new way to hold Abigail accountable. She turned to an app called BusyKid.
“She was going to download this app on my phone and I could earn an allowance,” Abigail New said.
Money motivates, and with the app, parents can assign chores and pay for the work.
”You put the monetary value on it,” Kim New said. “So, if I think her brushing her teeth in the morning is worth 50 cents, it’s 50 cents. She racks up $70 a week if she does all her chores.”
”It feels good that I’m kinda being rewarded for what I should do without an allowance, but it makes me feel good,” Abigail New said.
BusyKid CEO Gregg Murset said the app is a good starting point for kids first learning about personal finance.
”I like to describe BusyKid as that it’s your kid’s first job with direct deposit,” he said.
Murset said he wanted a modern way to teach kids about money.
“We divide the money into three big buckets: saving, sharing and spending,” Murset said.
Kids get paid on Fridays by their parents. Each week, a percentage of the allowance is saved automatically. They can also donate to charity, and invest in real stock.
Abigail has invested in Amazon. She gets her money on a BusyKid prepaid spending card.
“I don’t want to buy as much now that I have to pay for it with my own money,” she said.
Teaching children early about how to manage their finances so their hard-earned money doesn’t manage them is key, Burset said.
BusyKid costs about $20 a year.