Investing allows you the potential of earning strong return rates on your money. Not investing means that you’re missing out on opportunities to help your money make more money. It’s the same with your kids. You want to help your kids practice investing, but what is the best investment app for beginners? Here is a list of practice investment apps for children. Hope this will help you figure out what will work best for you!
For investing your loose change
You can show kids how to invest by starting with small amounts. The app Moneybox is great for this as it invests change from purchases into stocks and shares individual savings account, or ISA. All you need to do is connect your bank account, pick an investment type (adventurous, cautious, balanced) and Moneybox does the rest. There are also some cute animations and graphics for visual stimulus, great for your child.
For investing in what’s familiar to you
Sometimes investing is daunting because you don’t know what companies to invest in, and don’t know a lot of the companies that are available to invest in. Dabbl helps you invest in companies you already know. With bright colors and easy-to-understand graphics, this app helps your kids recognize brands and invest in what they like, be it food, clothing, or toy makers’ parent companies.
It’s worth noting that Dabbl doesn’t offer the option of investing in funds, only shares.
For investing in a custodial account
There are practice investment apps for children like Stash and Acorns have the option for custodial accounts so that you can invest alongside your kids. The starting investment is as low as $5. Your child can get involved in investing and is the owner of the stocks purchased. On the side, you will have the legal responsibility until your child becomes 18. While teaching your child and being involved in an activity together, you’re both also cultivating something that will someday be theirs.
For investing for their education
Along the same vein as above, UNest is a simple, tax-free investment app that helps kids save for college. Not only do they provide you with $25 when you open an account with them, but they also have tax advantages – up to $2,200 in tax benefits annually. There is a low advisory fee of #3 per month, and you are in control of how money is invested until your child becomes an adult.
For money skills in general
If you want to teach your kids general money skills, Visa Practical Money Skills App is a great choice. It’s created by Visa and offers basic money management skills for every age range for free!
Savings Spree teaches your kids about healthy spending and saving with quirky artwork and activities, mini games, and more.
goHenry is a pre-paid debit card and pocket money app. This is where kids can be set tasks and receive money when these tasks are completed, accomplishing a lot of things for you, and teaching them and giving them their pocket money at the same time!
Practice investment apps for children make real-world financial education. Skill-learning fun for kids and is not only beneficial for their future but is a great bonding experience. Try out these investment apps today!
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