The App That Helps Teach Kids About Credit

December 2, 2019

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One of the most important life lessons we give our kids involves money. In a world of immediate gratification and instant credit, it can become a burden for young adults who do not fully understand how credit works.  However the Mellow app is designed to help you teach kids 6 through 18 how credit works in real world scenarios. Instead of paying out their allowance in cash, you pay them through the Mellow app to a Mastercard debit card. Within the app, your child can see how much more he or she has saved, and how long they have to wait before they’ll get more money deposited into their account. They can set savings goals to buy specific things like a video game or car, and track that spending each week. For example, if they want a $100 video game that will be available next month, the app can tell them they need to save $25/week to make that happen. Both parents and the child can see how their cash is being spent within the app, broken into categories. For instance, a child might see they spend the majority of their money on food and drink. If they’re trying to get that game, then they might consider cutting back on trips to Starbucks or the local ice cream shop. It basic info for adults but for kids emerging into adulthood who might not traditionally have access to things like credit cards and banking apps, it can be a great resource on how to manage money.

SOURCE: Lifehacker

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