Utah family uses app to teach kids about money

Jan 10, 2023, 1:26 PM

SALT LAKE CITY — In today’s “Save more, worry less,” news specialist Tamara Vaifanua talked to a Utah mom who is using technology for her kids’ allowance.

After college, Lisa Andersen and her husband had tens of thousands of dollars in debt. But she’s giving her young boys a head start on a healthier financial path with the help of an app called BusyKid.

From budgeting to investing and getting the most bang for your buck, TikTok users share a wealth of knowledge.

But Lisa Andersen is influencing her kids at home.

“I actually did some research. I tried a bunch of different apps.”

Lisa chose BusyKid, a subscription-based cash-for-chores app and debit card.

Her sons, 15-year-old Ryan and 12-year-old Luke, learn how to manage money.

“I could have them empty the dishwasher for $1. And making their beds for $1,” Andersen said.

They can save, spend, donate to a charity or invest — like Ryan has, putting money into Disney and Comcast.

“If we go to the store, what do I say?” Lisa asked.

“You always say, ‘Do you have the money for it?’” Luke answers.

Gregg Murset is the CEO of BusyKid.

“I say take the piggy banks, the jars, the envelopes, and all that old school stuff and throw it out the window,” said Gregg Murset, BusyKid CEO, certified financial planner and father of six. “I think a lot of parents overthink this idea of teaching their kids about money. I don’t know. I’m not even good at it myself.”

He said the key is to be fairly consistent.

For Lisa, she gets that some people think kids shouldn’t get paid for chores. But this app works for her family.

“I’m not paying them for chores. We all share in the household responsibilities, so we share some of our money with them.”

Financial planners say to talk to your kids, get the conversation going and see what budgeting app might work for them and their goals.

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Utah family uses app to teach kids about money