INDIANAPOLIS – Parents often pay their kids for chores they do around the house, whether that means mowing the lawn, washing the dishes or doing the laundry.
It’s a weekly event for many, but it’s not always a precision tool for paying. There’s a new take on giving your kids money for the work they do that can also help them build a financial future.
Zachary Pittman and his sons Zachary and Thorston use an app. Before that, it was the typical allowance method for the Greenwood family.
“But then I found BusyKid, yeah, it’s real simple. You just have this little task list and it’s great. It helps me because I’m a single dad and trying to keep track of what the kids are doing is kind of troublesome at times,” said Zachary Pittman, a dad who uses BusyKid.
We asked Zachary’s son, also named Zachary, what sort of things he does to earn his money.
“I do dishes, I mow the lawn, I sweep the floor, a bunch of chores,” said Zachary.
BusyKid allows parent and kids to set up the list of chores and what each is worth.
“Some of the other chores like folding clothes are like 50 cents and putting out the trash. But mowing the yard, is the big money maker of $10,” said young Zachary.
The dad told FOX59 that at the end of the week, he just clicks onto the app and checks off if the chores are done. He can then simply press a button that they are approved for payday.
“The kids get paid for the chores that they did, instead of the chores they didn’t because sometimes they don’t do it,” said Pittman with a laugh.
The app is fairly new and catching on across the country.
“We created the app for parents and kids. The number one thing was how do you get a kid to work and learn work ethic and number 2, how do you teach them about money,” said BusyKid CEO Gregg Murset.
The app also allows kids to create their own business and get paid easily. Maybe young Zachary wants to mow someone else’s lawn or do work for them.
“There’s this Busy Pay part of the BusyKid app where there’s a QR code. It’s scanned with a smartphone so someone who wants to pay me can do so by scanning my QR code with their smartphone,” said Zachary.
It also works for birthday gifts because maybe a relative wanted to give the gift of money for a child’s birthday or graduation. But that app isn’t just about making and spending money–it can also help users save and invest.
“At the end of the week, if Zachary does $15 worth of work, we have chosen to split it up evenly. And 50 percent of it goes into their savings, and 50 percent goes to their spending, but you can set it up however you like,” said Pittman.
“I like it because I can earn money, I have a credit card and I could put it into spending and saving. Lately I’m saving up for gaming. I’m trying to get into streaming right now, so I’m going to think about getting a new keyboard, a new mic and a webcam,” said Zachary.
“It all has to be approved by the parent, but it’s only a few clicks. Parents are busy enough these days. We don’t want them to all just do the heavy lifting. The BusyKid app makes it simple and fast,” said Murset.
When the money goes into the savings part of the app, it doesn’t just have to sit there. For example, Zachary is using some of that money he has earned to buy stocks. They can even buy fractional stocks.
“I have Boeing, Southwest Airlines and Tesla stocks. And I haven’t sold any yet, but I’ve put in about $100 in it and it’s doubled,” said Zachary.
It’s basically an entire payment and savings system that’s easy to use.
If you want to download the app and use Busy Pay, it’s $19.99 a year, but BusyKid does offer more than most apps. It provides an easy payment system, helps with a budget, and provides a spending card. You can add another spending card for another child for an extra $7.99.
The app also provides a QR code if a kid wants to create a business and track everything. With the app, there’s also no fee for stock purchasing. Kids can use the app to donate part of what they make to charity, if they so choose.