App to Teach Your Kids Basic Banking

App to Teach Your Kids Basic Banking

The concept of budgeting is a heady subject for kids to grasp. Oftentimes, the first real lesson comes at age 16, when teens are legally able to hold part-time jobs and own cars. But if you’re a parent who wants to get a jump start on teaching the value of a dollar, the newA TykoonA app is a great banking platform to engage kids as young as eight.

AA free downloadA for iOS devices, Tykoon turns “I want this” into “How do I earn this” with a Chore Chart where parents can create activities that kids can complete in order to earn a specified allowance each week.

The app has two interfaces, both of which proved to be easy to manage in private beta testing. On one end is a control center where parents can divvy up tasks and track their child’s progress.

On the dashboard for kids, young users can track how much they save and shop in a secure online store that parents can moderate. This particular feature makes savings more tangible – save this much, get this really awesome toy.

“One of the greatest gifts parents can teach their children is financial responsibility. Tykoon is the perfect technology and social media tool that appeals to both my child and me. We love that our daughter is learning the importance of why her allowance is split into three buckets — spend, save, give,” says Kristen, one of the private beta participants.

The secure online store is managed by Amazon, a partnership that serves as a large source of funding for Tykoon. During Tykoon’s private beta, families allowed kids to spend 60%, save 25% and donate 15% of the money they earned. On average, boys are shopping and buying more than girls, making up 60% of the Amazon orders, according to aA press release.

The Tykoon app goes beyond teaching the fundamentals of personal finance – it’s also a great wishlist for upcoming birthdays and holidays. Never again do you have to track down your kid’s latest obsession days before his or her birthday party. Tykoon has a feature where kids can snap pictures and upload them into their wishlist for future gift ideas.