Technology plays a crucial role in almost every aspect of our lives. It’s not surprising that managing money is no exception.
Whether you’re a teenager just starting to handle your finances or a parent looking for tools to help your teen become financially savvy, there’s a plethora of money-saving and budgeting apps designed for teens and their families.
Find out about a range of money-saving apps tailored to teens, and how these apps can simplify budgeting, track your spending, and make saving money effortless. From expense management to goal setting, these apps put financial control at your fingertips.
12 Apps To Help Teens With Money And Budgeting
It’s worth noting that good money and budgeting apps come and go. One of the most popular, Mint, will be discontinued soon. So, use these apps and keep checking to see whether new ones are on the way.
Here are some of the best budgeting and money apps for teens:
1. Acorns
Acorns is an investment app that rounds up your everyday purchases to the nearest dollar and invests the spare change. It’s a fantastic way for teenagers to start investing with minimal effort. Acorns also offers educational content to help teens learn about investing and growing their money over time.
2. BusyKid
BusyKid teaches kids about money while letting their parents control the purse strings and watch the bottom line. BusyKid has a prepaid Visa card that can be controlled from the app. The app platform enables earning and saving money, along with budgeting and investing, too.
3. FamZoo
This family-oriented app provides a virtual family bank to teach kids and teens about money management. FamZoo allows parents to set up allowances, track spending, and encourage savings while providing valuable financial lessons.
4. GoHenry
GoHenry is a prepaid debit card and app designed for teens and their parents. It allows parents to set spending limits and payments for chores, and teenagers can track their spending, save money, and learn financial responsibility through the app.
5. Goodbudget
Based on the envelope budgeting method, Goodbudget allows teens and their families to create virtual envelopes for different spending categories. They can track their expenses and save money while staying within their budget limits.
6. Greenlight
Similar to BusyKid, Greenlight teaches financial lessons while keeping parents in the loop. It supports automated allowance, chore lists for kids to make money, and real-time notifications for parents. It also features a MasterCard debit card with parental controls.
7. iAllowance
iAllowance is designed for parents and teenagers to manage allowances and chores. It helps teens learn about earning, saving, and spending money responsibly through a digital allowance system.
8. PocketGuard
Though not specifically for teens, PocketGuard is a budgeting app that focuses on simplicity and ease of use. Teens can link their accounts, and the app will automatically categorize expenses, track bills, and provide insights into their spending habits. The “In My Pocket” feature helps users know how much money they have left after all bills and expenses are considered.
9. Qapital
Qapital is a savings app that makes saving fun and easy. Teens can set savings goals and create rules for when and how they want to save money. Whether it’s rounding up purchases, saving a set amount daily, or saving based on specific triggers, Qapital allows teens to automate their savings and watch their money grow.
10. Qube Money
Qube Money is another budgeting and savings app that uses the envelope system. Teens can allocate money into digital “qubes” or envelopes for various spending categories, making it easy to stick to a budget and save for specific goals.
11. Wally
Wally is a personal finance app that helps teenagers track their expenses and set savings goals. It offers insights into spending patterns, allows expense tracking, and provides a clear overview of where the money is going.
12. YNAB (You Need a Budget)
Another popular general budgeting app, YNAB, helps users take control of their finances. It’s a perfect choice for teenagers who want to learn how to budget effectively. YNAB allows you to create a budget, track your spending, and set financial goals. With its user-friendly interface and educational resources, it’s an excellent tool for teaching teens the importance of budgeting.
Why Teens Should Use Apps To Monitor Their Money
Teenagers, more than ever, are faced with an increasingly complex financial landscape. The allure of online shopping, digital subscriptions, and mobile payment options can make it challenging for them to manage their money effectively.
Money-saving apps tailored to teens offer a solution by providing a user-friendly and engaging way to control their finances. These apps offer convenience, putting financial information at their fingertips, making it easy to track spending, set budgets, and monitor progress towards savings goals.
Additionally, the gamified elements and educational resources within these apps make financial management an interactive and educational experience.
By using these apps, teens can develop essential life skills, such as budgeting and saving, while gaining a sense of financial independence and responsibility, setting them on the path to financial success in adulthood.
Teens And Families Can Get Answers At Arizona Central Credit Union
Managing money effectively is a crucial life skill, and these money-saving apps for teens make the process simpler, more engaging, and educational. By using these apps, teenagers can gain a better understanding of budgeting, tracking expenses, and saving money.
Arizona Central Credit Union is committed to the financial well-being of teens and families. Explore our wide variety of checking and savings account options that can help you start saving and budgeting. If you have any questions about opening an account, contact us online or call (866) 264-6421.
