App helps parents teach kids about money management during pandemic

Piece of puzzle with words Financial Planning.
Photo credit FotoMaximum/Getty Images
By KYW Newsradio 1060
PHILADELPHIA (KYW Newsradio)  The pandemic has altered how families deal with money. But parents are using helpful tools to simplify lessons to prepare kids for this new economic climate.

Gregg Murcet, a father and the CEO of BusyKids, has been traveling the country teaching parents how to explain the complexities of money. 

For many families, household budgeting during the pandemic means doing more with less, but all of this change can also be an opportunity.

“What an opportunity it presents all of us as parents to teach our kids a balanced financial approach,” Murcet said.

Teresa Teague said it has been a difficult lesson for her daughters.

“It’s hard because they just assume you have money and that it comes easily,” she said.

Murcet said forming a firm foundation is the best place to start.

“Save a little bit, share a little bit and then spend a little bit. It will set them up for success,” he advised. 

Murcet created the BusyKid app that helps parents turn money kids make from chores into financial lessons. 

“It automatically allocates the money into saving, sharing, and spending,” he said. 

He also encourages parents to use free online budget resources.