PHOENIX (KSAZ) - Sometimes, teaching kids about money is not always easy, and that is why a Scottsdale company developed an app for parents to give their kids some real life experience, when it comes to managing their cash.
With the BusyKid app, families are able to work together to prepare children to face financial realities when they get older.
"We had to do something to take the place of the old-fashion piggy bank, envelopes, stuff on the fridge," said BusyKid CEO Gregg Murset. "All that stuff is obsolete. It's antiquated."
Murset has six kids. Being a financial planner by trade, he was looking for a better way to to keep track of his kids' chores and pay them weekly, while teaching them important life lessons.
"I thought I got to get them to understanding that stuff, so essentially one day they can leave the house and never come back, because that's what I want them to do, be successful," said Murset.
Murset developed the chore allowance platform six months ago.
"Kids are assigned chores by their parents. They do them, they earn some money, and then our system will send a text message every Thursday," said Murset.
If the parent agrees to pay, the money will be withdrawn for their checking account, or debit/credit card. The system will then automatically split the money into 3 buckets: Save, Share or Spend. A kid then has the option to save by buying real stock, donate money to their favorite charity, or spend it once the money is transferred to their BusyKid card.
With the parent's approval, of course.
"It makes parents lives easier because who has money in their pocket anymore," said Murset.