BusyKid chore app teaches kids how to manage their own money

(FOX 2) - A new app is changing the way kids look at chores and teaching them about money management at the same time.

“Kids don't want to work, right? And they don't think about the things that need to be done around the house,” said Terry Costa.

Maybe, but they do think about their technology and they love phones and iPads. Terry says because of a new app called BusyKids, her 12-year-old daughter thinks about both.

“Before I got the app I was like, I just want to be on my phone, I don't want to have to do all these chores around the house. Once she told me about BusyKids I was like, oh, it is on my phone,” said her daughter, Ava Costa.

“As a working mom I need something easy but I also need something that could keep her engaged and all she has to do is pick up her phone and see what chores are available,” Terry said.

Financial planner Gregg Murset, a father of six, saw how the shift to digital money was making it harder than ever to teach their kids the value of the dollar, which inspired him to create the app BusyKid. Forget chore charts or nagging your kids to get their jobs done, now they are motivated by money that allows them to spend.

“In the spend area they can literally get their own Visa card and go out there and spend like the rest of us,” said Murset.

You can donate to charities and save, or invest and buy fractional shares of a stock. 

“That’s mindblowing for a kid who’s 11, 12 years old,” Murset said. “Imagine the impact that has in the long run. A kid who buys stock when he’s little - he’s going to know what to do, she’s going to know what to do when they get their first 401K.”

Terry and her daughter have been using the app for about a year. They say it’s easy - sign up, link your accounts and list your chores. The app is free, you just pay about $15 for the personalized Visa card that allows kids to spend just like a debit card. It’s a tool that helps parents keep their house in order and their kids in check. 

“I really think it helps me learn how to manage money and how I can manage my own paycheck so if I don’t like my paycheck ... I can step up my game next weekend,” Ava said.

Her mother says she’s very cautious now with how she spends her money. 

“She'll look at her balance and say, wow think about all the chores I had to do to get that money -- is it worth it do I really need this?” she said.

Visit busykid.com for more information.