Remember those piggy banks we had as kids? The ones where you’d shake them to guess how much you’d saved? Today’s kids are growing up in a world where money is often invisible—just numbers on a screen. That’s why finding the right money app for your child matters so much.
Cambridge University researchers found that money habits form by age 7. That’s right—before they’ve even mastered tying their shoes, kids are already developing attitudes about saving and spending that might stick with them for decades.
I’ve spent weeks testing these apps with my own kids and talking with other parents. Let’s cut through the marketing hype and look at what really works for different ages, what costs to expect, and how to keep kids safe while they learn about dollars and cents.
What Kids Need at Different Ages
Ages 4-7: Making Money Real
My nephew Max couldn’t understand why his mom wouldn’t buy him a toy when she had “that card that pays for everything.” Sound familiar?
Young kids need concrete ways to see money. At this age, look for apps with:
- Colorful visuals showing coins and bills adding up
- Simple earning activities like basic chores
- Digital “jars” mimicking the physical saving jars many of us grew up with
The goal isn’t complex financial literacy yet—it’s helping them understand that money is finite and comes from somewhere.
Ages 8-12: Building Habits That Stick
This is the golden age for financial education. My friend’s daughter started saving for a bike at 9, and the pride on her face when she finally bought it was priceless.
Tweens benefit from:
- Digital chore charts they can check off themselves
- Savings goals with visual progress trackers
- Basic categories for spending
- Parent approval for purchases
They’re ready to connect work with rewards and start making small spending decisions independently.
Ages 13-18: Training Wheels for Adult Money
Teens need practice with real-world money before the training wheels come off. My son’s first debit card purchase was a $50 video game—not what we’d discussed, but a valuable lesson about impulse buying.
Look for:
- Debit cards with limits you control
- Ways to send money to friends (because they’ll find a way anyway)
- Budget categories that match their actual spending
- Simple investing tools
- Savings that earn interest
The best teen money apps create a safety net while giving increasing freedom.
What Parents Worry About (And Rightfully So)
"These Apps Are Getting Expensive!"
I nearly signed up for Spriggy until another mom warned me about the hidden fees. Between monthly subscriptions, card replacement charges, and ATM fees, costs add up fast.
Free options exist, but often with limitations. Most subscription apps run $4-10 monthly, with some offering family plans. Always check for:
- ATM withdrawal fees (often $1-3 each)
- Card replacement costs (up to $15)
- Inactivity fees if the account sits unused
- Transfer fees between accounts
One mom told me she was paying nearly $200 yearly for her three kids’ money apps—more than her own banking fees!
"What Are These Apps Doing With My Kid's Data?"
This is the question too few parents ask. When I read the privacy policy for one popular app, I was shocked to find they were collecting location data, browsing history, and sharing “anonymized” information with advertisers.
Before downloading, check if the app:
- Complies with COPPA (Children’s Online Privacy Protection Act)
- Explains their privacy policy in plain English
- Limits data sharing with third parties
- Avoids advertising to children
- Secures financial information properly
Remember: if an app is free, your data is probably the product.
"How Much Monitoring Is Too Much?"
My teenager rolled her eyes when I mentioned transaction alerts. “Do you want to know every time I buy gum, too?” Finding the right balance is tricky.
Too much oversight feels intrusive and builds resentment. Too little leaves kids vulnerable to mistakes. Good apps scale their features:
- Younger kids: You approve everything
- Tweens: You get notifications but don’t micromanage small purchases
- Teens: You see summaries but give more freedom within limits
The Best Apps for Each Age Group
FamZoo (Ages 5-16)
Cost: $5.99/month or $25.99 for 6 months Platforms: iOS, Android, web
FamZoo isn’t the flashiest app, but it’s incredibly thoughtful. It works like a family bank where parents create accounts for each child.
I love that it doesn’t require actual bank accounts—you transfer real money only when kids make purchases. The IOU tracking is perfect for families who don’t want to use actual cash but still want to track allowances.
A dad in my neighborhood uses it for his three kids and says the loan feature taught his 12-year-old more about interest than any math class. The interface feels a bit dated, but the functionality is solid.
BusyKid (Ages 5-17)
Cost: $48/year for the whole family Platforms: iOS, Android
BusyKid connects chores directly to earnings with a simple, visual interface. What sets it apart is the ability to invest in real stocks starting at just $10.
My friend’s daughter bought her first share of Disney at age 10 and now checks the stock price weekly. The app divides money between saving, spending, sharing (charity), and investing buckets.
The family pricing is reasonable, though some parents report occasional glitches when marking chores complete. The stock selling process could be more streamlined, but it’s a minor complaint for such a comprehensive tool.
GoHenry (Ages 6-18)
Cost: $4.99/month per child Platforms: iOS, Android
This UK-born app has gained traction in the US, combining a prepaid debit card with “Money Missions”—gamified financial lessons.
The real-time spending notifications are a lifesaver. When my colleague’s son tried to buy in-game currency, she got an alert instantly and could decline the transaction. You can set spending rules by store type, which prevents splurging at certain retailers.
The biggest downside is cost for larger families—at $4.99 per child, a family with three kids pays nearly $180 annually. Some parents also find the interface cluttered, but kids generally love the colorful design.
Step (Ages 13+)
Cost: Free Platforms: iOS, Android
Step stands out by offering a secured credit-builder card alongside banking features. For teens approaching college age, this can help establish credit history safely.
There are no monthly fees or minimum balances, and the round-up savings feature automatically saves spare change from purchases. My neighbor’s 16-year-old uses it for his part-time job earnings and says the peer-to-peer payments are “way easier than asking mom for cash to split pizza with friends.”
It lacks chore management features, so it’s better for older, more self-motivated teens. Parental controls are also more limited than apps for younger kids.
Cash App / Apple Cash Family / Venmo Teen (Ages 13+)
Cost: Free Platforms: Varies by service
These mainstream payment apps now offer teen versions with some parental oversight. They’re best for older, responsible teens who need to exchange money with friends.
The main appeal is that these are the apps their friends already use. My teenage niece pointed out that asking friends to download a special “kid banking app” just to split movie tickets would be “totally embarrassing.”
The downside? Limited parental controls and potential for impulsive spending. These need more active monitoring than dedicated youth banking apps.
When Money Apps Meet the Real World: Safety Concerns
The Data Collection Reality
A digital safety expert told me something that stuck with me: “If you’re not paying for the product, your child’s data is the product.”
Many “free” money apps monetize through data collection. A 2021 study found that 67% of educational apps for kids shared data with third-party advertisers—information about spending habits, browsing patterns, and even location.
Before downloading any financial app, ask:
- Does it track location when making purchases?
- Are spending patterns shared with marketers?
- Can you opt out of data collection?
- Is information sold to third parties?
When Kids Go Wild with Spending
We’ve all heard the horror stories. One mom in my parenting group discovered her 8-year-old had spent $1,200 on Roblox using a connected payment method. Another found hundreds in Fortnite charges.
The best money apps include:
- Per-transaction spending limits
- Daily or weekly spending caps
- Merchant category restrictions (blocking gaming or certain stores)
- Instant purchase notifications
- One-click card freezing
The Trust Balancing Act
My daughter initially saw our money app as “mom spying on my spending.” We had to have several conversations about why oversight matters while she’s learning.
For success:
- Frame monitoring as a learning tool, not surveillance
- Gradually increase freedom as they show responsibility
- Review transactions together as a normal routine
- Celebrate smart decisions instead of just pointing out mistakes
Adding Another Layer: How MMGuardian Works with Money Apps
Teaching kids about money is important, but so is protecting them online. That’s where MMGuardian kids phone comes in—not as a replacement for money apps, but as a complementary safety tool.
When your child uses financial apps on an MMGuardian-protected device, you gain extra peace of mind:
- App usage control: My friend Sarah limits her son’s access to shopping apps to certain hours, preventing those late-night impulse buys kids are prone to
- Message monitoring: Lets parents add custom keywords to get alerts, so they can be notified if certain words or phrases related to money appear in conversations. Parents can also view all messages to spot if someone is pressuring their child to send money.
- Location awareness: Knows where your child is when they make purchases.
- Screen time management: Prevents endless browsing of shopping sites.
- Smart alerts: Sends notifications based on your chosen keywords, so you can keep an eye out for potentially concerning conversations.
The Android version offers the most comprehensive protection. For iOS users, features are more limited due to Apple’s restrictions.
One parent told me: “I use GoHenry to teach my daughter about money, but MMGuardian helps me make sure she’s not being pressured to spend it unwisely or in unsafe places.”
Quick Comparison: Finding Your Perfect Match
| App | Age Range | Cost | What Parents Love | Watch Out For | Best For |
|---|---|---|---|---|---|
| FamZoo | 5–16 | $5.99/mo | Complete family banking system, loan teaching tools | Dated interface, no physical card included | Families wanting comprehensive money management |
| BusyKid | 5–17 | $48/year family | Real stock investing, charity options, family pricing | Occasional app glitches | Teaching investing and giving back |
| GoHenry | 6–18 | $4.99/mo per child | Real-time alerts, store-specific limits, educational games | Expensive for multiple children | Families wanting strong controls with education |
| Step | 13+ | Free | Credit-building, no fees, peer payments | Limited parental controls | Older teens preparing for financial independence |
| Cash App/Venmo Teen | 13+ | Free | Social payments, wide acceptance | Minimal oversight features | Socially active teens needing to exchange money |
| MMGuardian | All ages | $3.99–$9.99/mo | Comprehensive digital safety across all apps | Most features on Android only | Adding protection to any money app |
Making It Work: Tips from Parents Who've Been There
Starting the Money App Journey
Don’t just download an app and hand it over. Make it a shared experience:
“We sat down with our 9-year-old and created his chore list together,” says Tom, father of two. “He suggested some tasks himself, which made him more invested in completing them.”
Try these steps:
- Preview the app yourself first
- Set it up together, explaining each feature
- Create a simple chart of what they can spend freely vs. what needs approval
- Schedule weekly check-ins to review progress
For younger kids, make it a regular activity you do together. For teens, respect their growing need for independence while maintaining appropriate oversight.
Finding the Oversight Sweet Spot
Clear communication prevents monitoring from feeling intrusive:
“I told my teenager exactly what I could see and why it mattered,” explains Maria, mother of a 16-year-old. “We agreed I wouldn’t comment on small purchases as long as she stayed within her monthly budget.”
Set specific boundaries:
- Explain exactly what information you receive
- Create spending thresholds that don’t require approval
- Review transactions weekly, not after every purchase
- Give advance notice before changing any settings
Growing with Your Child
As kids mature, their financial tools should evolve too:
- First job? Time for more sophisticated budgeting categories
- Showing interest in the stock market? Add investing features
- Consistently responsible? Increase spending limits
- Heading to college? Consider transitioning to adult financial apps with limited oversight
Questions Parents Always Ask
“Are these apps actually safe for my kid’s money?”
Most debit card-issuing apps like GoHenry and Step partner with FDIC-insured banks, protecting up to $250,000. Apps like FamZoo that track IOUs without actual bank accounts don’t need FDIC insurance since they’re not holding deposits.
Always verify the banking partner and their regulatory status before signing up.
“What happens if my child loses their phone?”
Most financial apps allow immediate card freezing through the parent’s app. MMGuardian adds another layer of protection by helping locate lost devices and securing the data on them.
One parent shared: “When my son left his phone at the mall, I froze his card through GoHenry and used MMGuardian to locate the device—crisis averted!”
“How can I tell what data these apps collect?”
This requires some detective work. Check the privacy policy before downloading—look for sections called “Information We Collect” or “Data Usage.” Better apps provide this information in clear language.
If a privacy policy is full of legal jargon or vague terms, that’s often a red flag. One mom told me she rejected an app after discovering it collected “behavioral data” for “marketing partners.”
“Can my child overspend with these apps?”
Not if you set proper controls. Most apps allow parents to set spending limits, approve transactions, and receive alerts. Combining with MMGuardian adds another layer by controlling when shopping apps can be accessed.
Finding What Works for Your Family
There’s no one-size-fits-all solution. The “best” money app depends entirely on your family’s situation:
- A 6-year-old needs different tools than a 16-year-old
- Some kids need tight guardrails, others thrive with more freedom
- Your comfort with technology matters
- Budget constraints affect which subscription makes sense
- Your parenting style influences how much oversight feels right
Pairing a good money app with MMGuardian’s protection creates a more complete approach to both financial education and digital safety. The money app teaches concepts and provides tools, while MMGuardian ensures the overall digital environment remains secure.
The most important thing? Keep talking about money. Apps are tools, not substitutes for conversation. Share your own money mistakes and successes. Review spending together without judgment. Celebrate smart saving and thoughtful purchases.
With the right combination of tools and communication, you’ll help your child develop money skills that last a lifetime—while keeping them safe in our increasingly digital world.
