The paper chore chart has gotten a modern update.
Introducing BusyKid, a mobile first site that allows parents to keep track of tasks, while also being a tool to introduce kids to learning about their personal finances.
Created by Gregg Murset, a father of six, BusyKid is an online chore chart that promotes work ethic and responsibility. It also educates about money management, serving as a platform where kids can earn, save, share and invest their money.
BusyKid actually has humble beginnings, starting off as My Job Chart back in 2011. Now replacing My Job Chart, the previous online tool for tracking chores, BusyKid is now easier to use that the previous platform and features a more modern look.
Here's how it works:
A family signs up for a subscription, which costs $12 a year for the entire family. The family can then access their BusyKid account from the web or via its mobile app.
Parents then add chores for their children, and kids can report that they completed a particular chore or activity.
The app suggests chores and payment for each age group, but these can be customized to fit the parent's needs and budgets.
When a chore is completed, a text message is sent to the parent that asks permission for money to be moved from their bank account to reward the child with their allowance.
Money then goes to a holding account (a FDIC insured bank), and then each Friday or "payday" kids can then move the money to do what it with they wish. This includes saving it to go towards a purchase later, buying a gift card, donating it to charity, or investing it in a stock.
This makes it the first system that pays allowances directly from the parents (via their bank account), and then allows the children to decide what they want to do with the money.
Kids are able to view their account to see how much money is saved in their bank. If they choose to spend it, they can buy gift cards to places like Amazon, iTunes, McDonald's and Toys-R-Us.
They can also take their money making skills to the next level by buying fractional shares of real stocks and watch it increase or decrease in value. The child has the choice to sell the stock when they wish, a move that also requires approval from the parents.
While this site and its app encourages children to learn how to make and save money, sneaky kids can't beat the system by falsely reporting they finished chore.
If the parent checks and realizes a chore was not done, they have the option of deleting it from their Parent Portal and not pay the child.
While kids have the freedom to do what they wish with their money, parents set how much of their allowance they can allocate towards the areas. Parents also have the final say by approving transactions via texts.
Teaching children about money management at a young age can help prepare them for their futures.
"Real world experience is generally not taught in schools, and many children are so busy focused on building their college application résumés they spend all their time volunteering and participating in sports instead of working starter jobs," Murset said in a press release. "BusyKid gives parents an easy tool to teach children how to manage a bank account, budget a paycheck, invest in stocks, and the value of hard work."
BusyKid taps into modern technology to help today's children learn about financial responsibly.