Yes, there may be an “app for that” – but there isn’t an app that can replace YOU in your child’s education about money.
The apps that are available today give you a place to start – some structure. But the stuff that will make your child succeed with money comes from you.
Your money values? Not in the App.
What you – the most impactful teacher in your child’s life – MODEL about money, work ethic, delaying gratification, saving, investing and donating? By now, you know what I am going to say – not in the App!
Setting a foundation of good money behavior with concrete money tools before going “virtual” is key. (Abstract concepts – like money – are not instinctual until around the age of 21. Yes – 21!)
So don’t “hand off” your child to learn good money habits with money apps. It’s too important to do that. Be involved – so it’s your voice in their head when they are independently transacting from you, and as they grow in adulthood.
In this podcast segment from the Seven Figures Podcast with Sandy Waters, I share my 4 favorite money apps that can help with those money conversations. Try them out and let me know what you think!
Here’s the audio from the podcast:
Interested in hearing the whole conversation from the Seven Figures Podcast with Sandy Waters? Click here for the full podcast episode #218 on family budgets, bitcoin, the stimulus plan and ROTH IRAs.