The Singapore-based company PlayMoolahhas launched an app called Moolah It to help kids manage their money. In case you didn’t know, “moolah” is a colloquial term for money. This app allows you to set up accounts for your children and then they can set a budget for future purchases. When you go shopping with your child, they can take pictures of the items that they want and allows them to rank the items according to their needs while taking into account the prices. This will help them learn to control their spending according to their preset budget and parents can also educate their kids on impulse control. Instead of having children whining about buying certain toys, parents can whip out this app and explain that they’ve already exceeded their budget for this shopping trip. As with most apps, there is also a sharing feature. The items that are in a child’s account can be shared with friends and family members and act as a wishlist for upcoming holidays and special events. This app will be quite handy in teaching children about prioritizing their money at a young age and decision making. It’s never too early to start financial education and it may make it easier for parents to say no to their kids too!
Moolah It is free to download and compatible with the iPhone and iPad. Would you use this app? Share with us on Facebook or Twitter!