CLEVELAND — Over the next few weeks, kids will be home from school and parents will be trying to figure out how to keep them busy. Anyone who has kids knows getting them to help out around the house is a chore in itself.
Take it from Gregg Murset, father of six. He's also a financial planner and the mastermind behind "BusyKid" -- an app that makes allowance and chores easier.
“After you teach your kids not to steal and beat people up, it's like the most important thing you can teach your kids, because if you think of it, they will be making financial decisions every day of their life."
It's designed for kids as young as 3 all the way up to high school. It's customizable from what chores are being done to how much they get paid.
“Think of it as your kid's first job with direct deposit.”
Every day, you go through the list of chores and mark them off as done. Then on Thursday you get a notification that Friday is payday, you authorize the payment and the money goes straight from your account to theirs.
But it's not all for them to spend.
“Then we divide it up into saving, sharing and spending. And if you think about it, that's exactly what we do as adults. We earn money, we save some in a 401k or something, we share it with charity, church or whatever. and then we spend the rest."
There's even an option for your kids to buy stock. Murset says he's talked to families whose kids invested in Disney, Amazon and Google.
“And all of a sudden, they start paying attention to it. They know, holy smokes, the market has gone down and what is that doing to my stuff, right?”
The money can also be uploaded to a BusyKid debit card, so kids get to spend just like mom and dad.