Financial literacy is one of the most important skills you’ll ever learn. Unfortunately, it’s not taught in schools and we give very little guidance at home for most families.
It’s something you’re expected to just pick up along the way.
This could be the reason why we get ourselves in trouble down the line because we have a weak relationship with money. Finance is more than cash-flow management, it’s being educated about investment. Understand too that investments are more than just the old-school stocks and bonds. Today, we have apps and other convenient technologies to help us understand the everyday business of finance.
Financial Budgeting Apps
Apps are hot right now. You can use them on your phone or virtually any device and get the education you need on the go. Below are some web apps that you can use at any age, but they’re designed to for use by kids and young adults.
5 Financial Technologies for Kids to Adult age:
Mindblown Labs: This financial learning app comes recommended for kids, but there’s no reason why adults can’t use it too. As we just highlighted, many of us struggle through our financial life at any age. The program is a web app. It will allow you to do real life things with fake money. You can save for a big-ticket item, plan for investments, or make a plan to save for a vacation plus retirement. It’s fun, and it allows you to make mistakes without paying the real-time penalty for it.
Celebrity Calamity: A favorite app. If you’re idealizing celebrities, it will show you what these people did to land them in bankruptcy. Burst your bubble early with real education and you’ve won.
Green Streets: Kids addicted to games? Use it to their advantage. This app is a free game for small children to young adults. This one encourages them to use their money the best way possible. Why? Because they’ll be rescuing, feeding and re-homing animals!
LearnVest: This app costs nineteen dollars per month. It will show your older child how to use their own money. You may begin with a real startup fee up $380.00. There are financial advisers and your child will get reminders from them how they can make a real investment and how they’re doing with saving for retirement, etc.
P2K Monkey: Another great one for older kids. If your kids get an allowance or have a job, they can manage their money. They create a wish list of things they want and then spend a designated amount. They’re then asked to test whether their purchase was worthwhile. It’s a favorite because it gets the kid to think about the actual value of their purchases.
Anyone can use any of the above apps at any age. Don’t be ashamed. It’s just guidance and you’re never too old to learn fiscal responsibility. The aforementioned tools are only one way of getting versed. For example, investing videos from Fisher investments are another tool for fun, informative and informational finance.
There are also interactive video courses that allow you to speak with financial experts. You can learn ways to become financially literate with general or specialized subject matter. For example: watch a video on how to save for a home or how to be debt free out of college.
Video learning is great for those who want a real-world view of experts who actually did what they’re teaching. You get real expert advice from real people. There are also videos from others that are your peers and have done what you want to do and who show you exactly how to do it.
Not everyone is a visual learner. In fact, podcasts are coming back and are already gaining popularity. This is due to hands-free or, frictionless technology that is on the rise. Just speak into your Alexa and you’re listening to what you want without having to touch anything. This is the wave of the future according to Gary Vaynerchuck. So, just plug in and listen on the way to work or school or while cooking a meal at home or in the dorm.
There are platforms such as Udemy, Thinkific and Skillshare where financial courses are readily available at your own pace. These are paid, but you can find them from $30 and under. You can find free courses as well if you’re just starting out. Typically, you can find those on Udemy and they often put courses on sale for $10.