Buzz
Looking back, one lesson I wish I had learned earlier, perhaps in childhood or high school, was managing money. I’m doing well now, but when I turned 18 and became eligible for credit cards, I unknowingly set myself up for years of financial struggles because I didn't fully grasp how credit cards, or budgeting, truly worked. The theory was there, but I lacked real-world understanding.
Mellow is an app designed to guide kids aged 6-18 in learning these financial concepts, so that when they step into the real world, they have a stronger grasp on how to manage money and remain financially stable.
The app allows parents to give kids a digital allowance and track their spending. The process is made possible with a connected Mastercard debit card, where the funds are loaded. Yes, your 6-year-old could actually have their own debit card.
In the app, your child can easily track their savings, seeing how much more they've saved and when the next deposit will be made to their account (assuming you’re using a regular allowance schedule).
They can set savings targets for things like a video game or a car, and monitor their progress weekly. For example, if they aim to buy a $100 game in a month, the app will calculate that they need to save $25 each week to reach that goal.
Parents can also include tasks such as chores in the app, giving kids a clear view of how they can earn extra money or rewards, like additional screen time.
Both parents and children can track their spending within the app, with expenses categorized for easier understanding. For example, a child might notice they’re spending most of their money on food and drinks. If they’re saving for that game, they might think about cutting back on trips to Starbucks or the local ice cream shop.
For adults who are already familiar with these concepts, it may seem simple; however, for kids who may not typically have access to credit cards or banking apps, this can be a helpful tool to build a solid financial foundation for their future money management.
