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Help kids manage money this summer

Posted at 1:16 PM, May 26, 2023

TALLAHASSEE, Fla. (WTXL) — Now that school is out for many kids in our area, the upcoming lesson-free days can soon lead to idle and empty hands.

But the creators of the BusyKid App and debit card remind parents that summer can be an ideal time to get your kids learning about the value of a well earned dollar and smart spending.

"Get them some goals," Certified Financial Planner and Busy Kid CEO said. "Why don't you see if you can earn $500 dollars this summer, or $1,000 bucks, or why don't we try to learn how to invest this summer, earn some money, and then we learn how to invest, let's buy some stock. That's mindblowing stuff. That's how you get kids motivated and get them interested."

He said parents should encourage entrepreneurship and support kids who may be eager to mow lawns or start lemonade stands. He suggests parents use digital options like their app to keep kids from earning and quickly burning their cash. It also helps to involve children in the bill paying process to help them learn the value of a dollar. Lastly, he said, to teach kids to prioritize the three S's of money management: Save first, then share with churches or charities, and save your spending until the end.