TruWest Credit Union announced a new way for parents to teach their kids all about managing money. BusyKid is a chore and allowance platform where kids can earn, save, share, spend and invest money they’ve earned. The user-friendly app promotes work ethic, responsibility, accountability and smart money decisions. TruWest recently partnered with BusyKid to offer the program at an annual discount for its members.
“It’s important to teach kids about the value of money at a young age,” said TruWest President and CEO, Alan Althouse. “This program is especially designed to target kids ages 6 to 16 years old and creates real world experience for children to learn responsibility when managing the dollars they earn.”
The platform is simple to use. A chore chart for kids is built into the app, allowing them to receive a weekly allowance linked to a parent’s TruWest checking or savings account. Kids earn money, customized by parents, for a chore. Parents and kids can log in from a computer, tablet or phone at any time to mark chores completed. When “payday” happens, children can invest in stocks, donate to their favorite charity, buy a gift card or cash out the money they’ve earned. There’s even an option of a BusyKid Visa PrePaid Spend Card that can be loaded with money to make in-store purchases. A breakdown of how many chores it took to make a purchase is displayed so kids can determine if that item is worth the price.
“Learning wants versus needs is an important lesson,” said Althouse. “Knowing the value of a dollar earned will set a child up for success later in life.”
A text alert system enables parents to quickly approve purchases made by their kids using the app. The BusyKid app is now available to all TruWest members. For more information about TruWest Credit Union and BusyKid visit truwest.org/busykid.