If I could get a dollar back for every bad money decision I’ve ever made as a youth, it’d be a lot!
The team behind My Savvy Kid, headed by founder Rakesh Medabalimi, hopes to help other youths, and their parents, avoid those kind of pitfalls through specialized instruction, at an earlier age than average.
Money Bee is the core offering of My Savvy Kid. It is straightforward enough, minimalistic yet clear cut in design and layout. Here you can set goals, chores, jobs, even track transactions and auto payments. Goals can range from spending, saving, or even non-monetary goals. Jobs can be set up, with completion dates and incentives, a nice way to reward your child for a job well done.
Conceived in January 2012, Medabalimi and team are based in India. My Savvy Kid began simply as a platform to gauge inflow and outflow. It has since evolved into a tool that teaches kids to become independent, responsible and accountable for their actions. Above all it teaches the values associated with managing money.
The Money Bee can be sampled free over a three-week trial period, but like all things in life, nothing is free. A six-month plan will run you up to $15, while a one year subscription costs $24. The team however, is confident this is money well spent, and not just for the potential payout after.
Basically, Money Bee is a blend of technology with age old money management principles to make today’s tech-savvy generation money-savvy as well.
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