Fintech
Using Fintech Apps and Debit Cards to Teach Kids the Fundamentals of Money
SALT LAKE CITY — Abigail and Alice Gephardt are thrilled that Utah has a hockey team.
So excited, in fact, that they were among the fans in the stands when the team was introduced at the Delta Center earlier this year. Their dad, that is, me, was busy working on the outfield plaza for the TV station across the street. But at least he had the foresight to send them in with some money for snacks.
“We were having fun and wanted to eat Dippin’ Dots,” Abigail said.
But alas, they were turned away without their precious fake ice cream.
“He basically said they don’t accept cash,” she explained.
Yes, as their slacker dad should have remembered, Delta Center is among the growing list of venues that have gone cashless. It’s a trend that’s creating demand for payment alternatives.
Another option
One such alternative is BusyKid.
“BusyKid is an app we created to give kids experience with money before they hit the realities of college when they’re faced with it,” said certified financial planner Gregg Murset, owner and CEO of BusyKid.
He says the benefits of the app and its accompanying debit card go beyond access to Dippin’s Dots inside a cashless establishment. The app has options that allow you to split your money between spending, saving, donating and even investing.
“They learn how to earn money and then also how to manage it in the right way,” Murset said.
He argues that it is a good alternative to, for example, simply giving your children access to your credit and debit cards.
“They have to learn that when they swipe their finger across the slot the numbers change and the money disappears,” he explained.
After her ordeal at the Delta Center, Abigail’s father provided her with a debit card from one of BusyKid’s competitors.
“One thing I like is that they don’t give you change,” she said.
So far she seems to like it.
“I think it’s nice because I get money to spend and some of it goes into my savings so I can spend it when I’m older.”
Some debit cards designed for kids can be set up to send a push alert to your phone, so you, the adult, can instantly know whenever the machine is being used to purchase Dippin’ Dots or something else.