Remember that piggy banks? That we used previously to save some money from our routines and we use them in need. With technology advances that cash flow is now converted into digital transactions. And now the time is tight. So, if you give pocket money to your teen, they will spend like water without knowing its value or its necessity.
Since your teen always has your smartphone all the time and stays stick to them, instead of lecturing them, you can suggest some apps to manage their spending. Cause everyone knows that money does grow on a tree and you as parents work really hard to earn each penny from which you assign them pocket money for the expenses.
Using the best budget app is a beautiful supplement to your typical financial budget and lets you to accomplish your business goals. But choosing the most right and useful app that fits your needs is a crucial choice. So, if you are looking for the best budgeting apps, here is the complete list of top 7 money management apps that your teens can use to manage their spending.
Available on: Android & iOS Price: Free Downloads: 10,000,000+
Mint is one of the best budgeting apps created by Intuit, which is the same company that has created Quickbooks and TurboTax. The app has so many users because the app is entirely free, and It helps people manage their cash flow by linking bank account from a huge list. Using this money management app, one can easily track their spending and set a budget. This money management app automatically fetches & categorizes your linked credit or debit card transactions and counts them against your defined budget. Also, it notifies the user when they go over their predefined budget. The app is quite useful if your teens spend too much out of budget, it will allow them to track their spending using interactive statistics.
Available on: Android & iOS Price: Free + In-App Purchase Downloads: 1,000,000+
Greenlight is a parental control debit card for teens that allow managing their accounts from their phones. Using an app, you can set various allowances, and if they try to spend money that isn’t on the card, it will automatically decline the transaction. You and your teen both will able to track their expenses using this budget app. The main cool feature of this app, to let them know the power of savings and build interest for the same. What is better than that?!
Available on: Android & iOS Price: Free + In-App Purchase Downloads: 1,000,000+
Spendee is another significantly build a visual app that syncs with bank accounts automatically fetches transactions and categorizes them. The app allows you to assign money to virtual wallets and keeps you track of it. You can also create a separate wallet for your teen without sharing your entire budget. The app also offers a travel mode that helps your child to maintain expenses in different currencies when they are abroad. Ultimately spendee is an app for everyone and it is a perfect budget planner for households or for the family to control and manage their income vs expenses.
Available on: Android & iOS Price: Free + In-App Purchase Downloads: 1,00,000+
Current is one kind of personal money management app for your kids and teens that offers digital wallets. These digital wallets are divided into three types: spending, saving, and giving. Parents can transfer instant money or schedule their teen allowances. Also, they can set limits, pause card, block some stores, etc. It provides more parental control for the given card. Ultimately it helps your teen to build some better money habits.
5. BusyKid Chores App for Kids to Earn Money:
Available on: Android & iOS Price: Free + In-App Purchase Downloads: 10,000+
BusyKid is the ultimate money management app that will help you teach financial stuff to your teen by giving them small indoor tasks. This budgeting app lets your children earn their allowance and make a financial decision on how they will save, spend, and invest earned money. The app is ideal for kids & teens, and it encourages them to earn more money and taking care of responsibilities, instead of just sitting or playing games. Apart from that, their parent dashboard allows you to set teen allowances and keep an eye on all your teen activities with a single touch. Moreover, they do offer a card like Greenlight if you need.
Available on: Android & iOS Price: Free + In-App Purchase Downloads: 5,000+
FamZoo is a personal money management budgeting app, specially designed for kids & teens. It has two plans: First, you have to set different chores to do and if they4 complete the app will release their pocket money to their accounts. You can also give your teen a prepaid card powered by Famzoo. In both plans, your teen will be able to view their transactions and maintain their spending budget. From your parent FamZoo account, you will able to monitor all teen’s expenses and assign them allowances or commissions to their prepaid account.
Available on: Android & iOS Price: Free + In-App Purchase Downloads: 1,000+
Plan it Prom is the absolute money management and budgeting app for students and couples, it incorporating budget calculator, timeline, health meter and obviously prom count down in a fun way. Using this app, you can cut costs and stick to your planned budget. It also provides different tips, photos, social sharing options that may be useful to its users.
So, these are the top 7 money management apps that your teen can use to manage their spending. All the apps that are listed here are tried and tested that can help you to accomplish your goal of teaching core values to your child. And one can easily manage their spending using the above apps. Concetto Labs is a top-notch money app development company. Let us know what you think by commenting below.
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Top 7 Money Management Apps That Your Teen Can Use To Manage Their Spending’s
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