EARLY YEARS: App helps kids learn to budget money they earn by doing household chores

BusyKid app also encourages kids to set aside money to help local charities hit hard by pandemic
Published: Nov. 4, 2020 at 6:02 AM EST
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ROANOKE, Va. (WDBJ) - “The day of the piggy bank on your dresser or in the jars or envelopes, forget it. Because none of us have cash,” says Gregg Murset, creator of BusyKid.

The piggy bank might be gone, but the desire to buy things is still around for most kids.

That’s why Murset decided to create the BusyKid app.

“You give your kids chores to do, they do those chores, they mark them as they do them. Work done around the house and then we keep track of all that stuff. And then on Friday, you’re going to get a message that your kid’s done this much work and you owe them this much money,” says Murset.

Once the parent or guardian approves a specific payment for the chore, BusyKid transfers money from their account and places it into the child’s account through the app.

“And then we do this magic, where we divide the money up into savings, where they can go and invest in fractional shares of stock, sharing where they can go in and learn about charities and donate to charities, and then spending where they can load money onto their own Visa card and go make purchases like the rest of us,” says Murset.

Charitable giving is a big part of BusyKid, and a way for kids to help local charities that are struggling due to the pandemic.

Murset says the app is designed to teach kids a more balanced approach to budgeting, a lesson they don’t typically learn in school.

He says the decade between age five to 15 is when most kids either learn the value of money - or don’t.

“And that is the decade where you can nail this or totally miss it. And if you don’t, they’re going to be living with you until they’re 30 years old in your basement. You have to teach them in that decade.”

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