App teaches kids to manage money with prepaid debit card

Kids that willingly scramble to do the dishes? There’s an app for that.

"They will do extra chores and they will do them without asking," says Tampa Bay area mom, Carrie Moore.

The Moore family decided to try the BusyKid app and say it was a game-changer.

"I get money and I’m like yes!" said daughter Rowan.

The creator, a certified financial planner and father of six, says that’s because it simulates real life saving and spending

"I like to describe BusyKid as your kid’s first job with direct deposit," Gregg Mursett said.

Kids get their own Visa prepaid spend debit card controlled and funded by their parents for the chores they do. It’s protected the same as any other Visa debit card.

Mursett explained, "You literally get them a Visa card and transfer money onto that so they can go out and swipe that card like the rest of us and start understanding holy smoke I had to scoop poop and wash cars and make my bed to buy that thing and suddenly they get it.”

"My daughter said I’ll start making my bed for 15 cents and I said okay well perfect," Carrie Moore said with a laugh.

The app divides the money earned into “save, share and spend,” encouraging kids to donate to charity, even buy shares of stocks.

Rowen said, "It’s quick how it adds up, like only 25 cents but it adds up and so much oh, okay!"

Her sister Emersyn said, "It adds it up for me and I see I have this much and save to that much or just spend it!"

Small payments, adding up to a better understanding of personal finance, and hard work paying off.

Their mother said, "They see can use a card and it’s not endless - I only have this amount of money. They want more money on the card."

Mursett said, "National debt, all-time high consumer debt, all-time high student loan, all-time high mountains of debt everywhere we have to change that with the next generation."