Todays smart phones can do almost anything, including providing financial education for teens. Smart phone apps can serve as a great way for teens to learn how to manage their money. Here are some of Money MindEd’s favorite money management apps for teens.
Mint: The Mint.com app can help teens practice budgeting. The app allows you to set up a monthly budgets broken into different categories such as entertainment, gas, clothes and food, and then monitor the budgets throughout the month as you spend.
Bill Guard: BillGuard is a great app for teens that are new to credit cards. The app monitors credit card transactions and alerts you of any fraudulent charges, helping teens get in the habit of watching for unwanted credit card charges.
iAllowance: This is a great app for parents and teens who are working on managing money together. iAllowance allows teens and parents to monitor their allowance system and chores while also creating a place for teens to learn about spending and saving.
Smarty Pig: Smarty pig allows teens to practice saving for a large purchase. The app allows you to set money goals, add money to the goals, and track your progress. Friends and family who use the app can also contribute to your money goals.