financial education is unfortunately not a priority in our school system but thankfully
there are platforms like busykid that are focused on teaching children the importance of earning
saving donating investing and spending their money responsibly so today let's break down
everything that the busy kid platform has to offer and talk about how it can
help your child get on the path to financial freedom all right let's jump right into it
what is going on everyone i hope you were all having a fantastic day so whether you
are a child a teen or a parent with a child today we're going to look at the four major
aspects of the busy kid platform which would be earning saving donating and everyone's favorite
category spending i do want to clarify that busy kid is not sponsoring today's video and this will
be the open and honest review that i always give on my channel however there is an affiliate link
down in the description below if you do decide to sign up and would like to help support my channel
alright but enough about all of that before we can do anything with our money we have to earn money
and that would be where the urn features of busy kid come into play which allows parents to create
chores for their children their children then complete those chores receive an allowance that
is direct deposited into their account every friday similar to a real job and from there
kids are able to use that allowance to learn the other important aspects of managing their finances
by doing rather than just listening to someone talk about money because who would want to
listen to someone talk about money so busy kid is going to provide a digital chore chart that
is predetermined by the age of your child but obviously parents are able to customize each
of these chores in order to fit their needs the idea of the chore chart isn't anything new but
one thing that i do really like is that this is accessed through a well-designed mobile app
which like it or not is a very familiar format for a younger generation myself included plus beyond
earning money by completing chores busy kid also has a feature called busy pay which allows family
or friends to instantly send money into a child's busy kid accounts say for a birthday holiday money
or a grandparent who just wants to spoil their grandkids it's also worth mentioning that when
money is direct deposited into a child's busy kid account a set percentage of that allowance is
automatically saved and their kids are also able to learn the importance of giving back by donating
a percentage of their allowance to a charity of their choice and as if all of that wasn't
cool enough busy kid now allows kids to invest their hard-earned allowance into real stocks with
real money alright so we have earned saved donated invested but of course we have to talk about
everyone's favorite financial category which would be spending and i want to point out something
really important here that i love and that is the fact that after your child earns their income
all of those things that i just mentioned happened before we ever even get to the spending category
which we can all agree is a super important lesson that we definitely want to be teaching
our children at a young age and this is often referred to as paying yourself first and that is a
very popular concept that is basically baked into the busy kid platform essentially paying yourself
first just means that you're going to take care of all of those necessities including donating and
investing before you go on some crazy spending spree and i think we can all agree that again that
is a great lesson to teach a young child alright so the busy kid platform is all about empowering
your kids to spend responsibly and they're able to do this by using their busy kid prepaid visa
spend card which gives kids the freedom to spend their money anywhere that visa is accepted but
of course parents are still able to monitor every transaction to make sure that everyone is staying
on track financially plus not that this matters but you all know it's something i always like to
mention the new card designs are really sleek and modern which is always an added bonus plus it now
comes with a chip for more secure transactions as well obviously you can use your card for in-person
purchases as well as online but you can also use it at thousands of atms although keep in
mind that in this case there is a fee associated with that from the atm provider but you can also
add your busy kid visa debit card to things like a virtual wallet including apple and google wallet
the busy kid app itself is pretty simplistic and easy to understand but if you would like to see
me do a step-by-step breakdown of this platform in the future then definitely let me know about
that down in the comment section below so this all seems awesome and i agree it definitely is
but there's one lingering question that i'm sure a lot of you are probably wondering and that would
be how much does this all cost well like i said i'm just here to present you with the information
so i will rip the band-aid and tell you that right now busy kid is going to cost you either 3.99 per
month or you can pay for the entire year and save 20 meaning it would be 38.99 for the entire year
which personally i don't think is that bad especially considering for that price you get all
of those features that i just mentioned with up to five busy kid visa spend cards meaning you don't
have to pay that fee per child or even per account you pay that one low fee and can have your entire
family and all of your children if you have more than one under one platform so let's say you have
three kids for example well if you paid upfront for the entire year that means that you're paying
roughly one dollar per month for each of your three children which regardless of how you feel
about this platform i think we can all agree that that is a very small price to pay for teaching
those incredibly important financial lessons at a young age and if for whatever reason you are not
happy with busy kid they will actually refund your purchase for up to 30 days with no questions asked
which is also really nice because you can give this platform a shot see what you think and then
make a decision without really risking anything alright so i know we moved through all of those
features fairly quickly but keeping everything that we just talked about in mind what do i
think of the busy kid platform well first of all i think we can all agree that the concept alone is
fantastic there have been countless studies done that display a direct correlation between the
financial literacy education that a child receives in school and their likelihood of becoming
financially independent as an adult not only is compound interest and time on their side in terms
of investing but a lot of individuals have to make some pretty serious financial decisions in their
late teens and early 20s including should they go to college and the costs associated with that
renting their first place or getting a mortgage buying their first car and the list goes on and
as i mentioned at the beginning of the video unfortunately a lot of schools especially here
in the u.s do not require any kind of personal finance education leading a lot of those younger
individuals to take on insurmountable amounts of student loan debt without understanding the
ramifications that that will have on their life for potentially decades to come nor do they
understand the impact that taking on too large of a mortgage or buying a car that they can't afford
will again have on their life for years to come and that is why i personally feel that a platform
like busy kid is so incredibly powerful and it honestly surprises me that more parents
are not concerned about teaching these financial principles at home considering they are certainly
lacking on our education system i would love to see them add a direct deposit feature that
allows kids to earn income from a normal job if they are a little bit older but i'm willing to
overlook that considering that this platform is specifically designed for younger children and
kids can get money by doing chores parents setting up the auto allowance or parents can even just
send a bonus for special occasions like birthdays or good grades plus it does get a lot of things
right in my opinion including teaching children to pay themselves first invest on a regular basis and
perhaps most importantly make a donating part of their financial management which is something that
honestly a lot of adults overlook and i can confidently say that people who are truly
winning with money and are the happiest are the individuals who also are outrageously generous and
that applies whether you are a child earning five bucks a year doing your chores or in adults making
millions of dollars per year so at the end of the day i am a huge fan of the busy kid platform
and again considering it is so affordable and they will give you that 30-day money-back guarantee i'd
say if you are a child or a parent with a child then it doesn't hurt to give it a shot and see
what you think and of course i would love to know what you think of this platform down in
the comments section below and why you feel it is a good fit for you and your child again if
you do want to sign up for a busy kid there is a link down in the description below where you can
sign up and you'll help support my channel which is always i really appreciate a lot thank you so
much for your time i really do appreciate it so much take it easy and i'll see you in the next one
you