iPhone App That Teaches Kids Basic Banking
If there’s one important lesson that parents should teach their kids it’s about saving and handling money effectively and wisely. But how exactly would you do that without giving boring lectures or feeding them technical terms they would hardly understand?
Simple. Download the Tykoon app.
The app is developed to inspire kids to make smarter decisions based on real money and real-life experiences. It utilizes 4-easy-to-understand categories, such as Earn, Save, Give and Spend. You can create activities that your child can complete to earn “stored value” allowance. Each time your child earns, Tykoon keeps track of the earnings and allocate them across saving, giving and spending buckets based your specified settings.
Tykoon is a free app for iOS devices. It has two interfaces — one for parents to track their child’s progress and the other for kids. When your child decides to take his/her earned money out of his/her account, your approval will be required before Tykoon adjusts your child’s account balance. No money leaves your hands unless you make a purchase through Amazon or make a donation through their trusted partner Network For Good — partnerships that serve as a large source of funding for Tykoon.
Another attractive feature offered by this mobile app is that it allows kids to take pictures and upload them into their wishlist for future gift ideas.