Teach Kids To Budget With Money Making Mobile App

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by David Redmond on 9 Jul, 2012

Most children are not normally renowned for their ability to save up, but the makers of a new mobile app hope to teach kids the value of money from an early age.

Tykoon

Tykoon is a basic app currently in its beta form that is free to download for iOS devices. Designed for children, the app’s dashboard is split into four easily understandable sections that help the young user get to grips with the idea of managing their money. Whether their pocket money is earned through chores or simply doled out on a regular basis, Tykoon lets the child track how much they earn, save, spend and give.

The app’s other interface allows parents to create activities which can help their child understand how they work towards getting the toy, item of clothing, etc that they want. With the click of a button, the child using Tykoon can go from “I want this” to “How do I earn this”, as the app equates the value of the item to the value of the chores that their parents have set. So one desired video game is turned into “X” number of room tidying, dishwasher emptying and driveway sweeping sessions. This should help the child to understand the value of their time spent on chores and the inherent value of the money that is given as a reward, all in a fun and easily accessible fashion.

Kristen, one of Tykoon’s private beta participants said: “One of the greatest gifts parents can teach their children is financial responsibility. Tykoon is the perfect technology and social media tool that appeals to both my child and me. We love that our daughter is learning the importance of why her allowance is split into three buckets – spend, save, give.”

Amazon runs the online store that allows kids to see how much their desired item costs; a shrewd marketing move for the online retailer giant. Not only does Amazon get parental appreciation by its association to the educational app, it will also most likely pick up a slew of new young customers who want to cash in their chore money.

The retailer’s dominance of the UK online shopping market has led Amazon to hold another recruitment drive, offering positions in Ireland and the UK for sales, management, technical engineering and Oracle jobs. The current popularity of online shopping through mobile devices means that we are likely to see more apps like Tykoon cropping up in the near future. These are apps designed primarily for education or entertainment, but still have an inherently commercial function.

The rising importance of smartphone shopping has also had the effect of galvanising retailer brands to optimise their sites for a smooth mobile user experience. Sites that don’t have an online storefront have been increasingly offering IT jobs to web design contractors who can provide them with the means of leveraging this increasingly vital sales channel, and thus also positively affecting the IT job sector at such a generally delicate economical time.

About the Author

David Redmond


David Redmond is a Partner of Don Gilliard Finance Group. He is a fee-only, independent financial advisor and financial planner. For over 15 years, he has been helping individual investors and their families realize their investment goals.