GREENSBORO, N.C. —
While the topic of inflation weighs heavy on most adults, some kids may not understand why their parents can no longer afford as many frivolous purchases like toys and other knickknacks.
Gregg Murset is a certified financial planner and the CEO of BusyKid. BusyKid is an app that helps children gain hands-on experience in managing money by motivating them to save, share, and spend their allowance. As the father of six children, Murset said financial education starts at home.
“They're not going to learn this stuff in school, probably right and even if they learn a little bit of it, they need the practice and the practice happens at your house,” Murset said. “Give your kids some chores to do, let them earn some money, and let them manage that money with technology. Kids love technology. They're good at it"
Murset encourages parents to be transparent with their children about today's economy. He said teaching kids about budgeting at an early age will help them understand the life choices they need to make now to have a stable lifestyle in the future.
“Instead of just venting every time you pull into the gas station, use this as an opportunity to start talking to them,” Murset said. “Yea guys it does cost a lot to fill up the car with gas, but you know what else, you know how much tires cost for this car that we're driving around? Do you know how much it costs to get the oil change? Or ensure this thing or register it?"
The BusyKid app provides parents with a chore chart where chores are preset by the age of the child. It also has features that allow children to invest in stocks and give back to charity.