Kids these days are very much curious about how things work out around them. They tend to ask more questions about how the system works, why everyone needs to study, how to earn money and they question many such things that see.
The world is evolving at a rapid pace that makes it compulsory for us to pay more attention to bringing our kids and condition them to evolve into responsible and financially stable individuals.
Likewise, Bankaroo is one such app for kids that allow them to have a sound knowledge and financial management skills.
Teaching kids about budgeting since the beginning is a great way to aware them of the importance of money and practice saving. Here is everything you need to know about it:
What is Bankaroo App?
Before heading to the benefits, let us tell you a bit about the Bankaroo app for those who don’t know about it. Bankaroo app is absolutely easy to use a virtual bank. Teachers or parents can help their kids with account creation and teach the basics of budgeting quite conveniently with it. Bankaroo app is suitable to be used for kids from 5 to 12 years. It only requires some basic reading skills to use the app. You can use it for free, all you need to do is to download it from Apple or Android store. It can be used on tablets and mobiles both. Bankaroo app works perfectly offline as well.
What are the Benefits of the Bankaroo App in Schools?
Here is why the Bankaroo app should be used in schools and how it can benefit the students:
- Teaching Them the Right Way:
No matter how much you teach kids verbally about something, they can never bring it into practice until and unless you make them do it. If you keep telling your kids to save money or to give charity, they are never going to do it unless you will show them how to do it.
Therefore, the Bankaroo app is highly recommended to be used in schools to teach kids all the factors associated with budgeting.
Having all the information about their finances i.e. total pocket money, their transaction history, and savings right in front of them will help them in understanding all of these categories in a comprehensive way. Having a sense of authority over a certain amount of money will inculcate in them a sense of responsibility.
- Positive Reinforcement:
The Bankaroo app is used by teachers in the school to appreciate students for their positive behaviors.
Students can earn money for all the good things they do in class, for example, participating actively in class, helping out their classmates, following the school rules more strictly, etc.
Every month, they get to participate in the class auction, those who will have more funds in their account will be able to ace at it, just as we see in real life. This will compel other students to be at the best of their behavior and earn more points.
Moreover, this whole idea of using the Bankaroo app makes it easy for the teachers to tell students about the importance of saving money and using it more wisely. It helps children to be mindful of their every action.
- It is Secure!
Although the Bankaroo app does not deal with the real money it is just there to teach the kids about finances but, it is absolutely secure.
An account can be created with parent’s email ID and your kid’s information won’t be mandatory to be shared.
All the history and information are encrypted so you won’t have to deal with any cyber threats either.
If you have more than one kid, then they all can log in to their accounts separately from the same device, you won’t have to worry about buying separate gadgets for each of them.
The basic purpose of the Bankaroo app is to school the kids about the importance of money and enable them to manage things on their own. It prepares them for the real world that they will have to deal with after a few years.
Having their own bank accounts and separate passwords will give them a sense of independence, they will be compelled to use money more wisely and share it with others too.
Bankaroo app is teaching kids to keep a check and balance in their lives.