Financial literacy is one of the most essential life skills; the earlier one masters it, the better!
Indian parents lack the understanding and dismiss the importance of empowering their children financially, especially girls. That is why a large population of educated women do not understand the language of finances and are dependent on a male counterpart to manage their money.
As leading financial experts point out, lessons about earning money, budgeting, saving, and spending are an incredibly valuable part of raising self-reliant adults.
For countless adults, money management and tracking apps are a lifesaver but for the first time, there is an app that helps children become financially savvy.
Muvin- A payment app designed for Indian teenagers
A significant number of teenagers are clueless about budgeting and saving skills. Their allowances are either given in cash or their expenses are controlled by their parents. Muvin is an empowering app for families who believe in teaching good personal finance habits at home.
Powered by Rupay, it is a safe and secure payment app which helps them make payments, keep track of their transactions for better budgeting and improves their money management skills.
Muvin is available on app store and google play and requires a parent to set up the primary account. You can transfer your kid’s pocket money instantly and get a real-time track of your kid’s spending.
There are highly interactive and byte-sized videos that teach kids about banking, taxes and much more.
Children can set savings goals and earn rewards.
All the transactions are protected with two-factor authentication (PIN or OTP)
You can also set a daily limit on the amount they can spend!
And they can have a card in the design of their choice!
What more could you ask for?
A word of advice
After setting your child up with a savings and budgeting app, it’s a good idea to sit down with them periodically to review how everything’s going, answer any questions that may have arisen, and praise them for any progress made.
You must set aside time each week or month, even if it’s ten minutes, to check in on their budget and see if they need to readjust. Budgets aren’t a one-and-done thing. They are meant to be revisited over time.
If you’re worried about adding more screen time to your child’s life, perhaps let yourself off the hook, at least this once.
Any app that can help kids track how they spend and save their money is worth looking into. Making a plan for their money, even if it’s just a few dollars a week, is a strong first step to building good, lifelong financial habits.