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(Credit: Kwanchaichaludom/iStockphoto)

It's rare to have cash on hand these days, between debit cards, credit cards, paying via your smartphone, and bit currency. It begs the question: does the piggy bank still have a place in a kid's life?

Alex Zivoder, CEO of Gohenry, made the piggy bank digital with the app, Gohenry (iOS, Android). The app is designed to teach kids from six to 18 years-old good money habits.

Your kids can have the independence to manage their own money with parental supervision. Kids can see a breakdown of what they've purchased, budget until their next allowance day, and perform tasks set by parents to earn extra money.

SEE: Best personal finance apps to manage your money in 2018

Kids can set savings goals, check their account balance in real time, receive notifications about spending and payments from parents, pay their parents back, check limits, and block their card if it's lost.

The Gohenry app pairs with a debit card that is mailed to your house 10 days after you open your online account. The kid's account branches off of the parent's account. Instead of putting money into your kid's hand, you can transfer it to their Gohenry account, like getting a direct deposit.

The thought of their child running around with a debit card might send a chill down some parents' spines, but the Gohenry app is controlled by parents.

You can set spending limits, where the card can and can't be used, block or unblock the card in the app, and see how and where your child is spending their money. They can only spend the money on the card, so there's no danger of debt or overdraft fees.

Parents can try Gohenry free for one month, and then $4 per child per month after that. The card uses the Mastercard payment service and can be used anywhere Mastercard is accepted.

It might seem like a safer thought to teach kids about spending the old-fashioned way, but preparing them for an essentially cashless society is important.

Digital "pocket money" apps are on the rise and work similarly to Gohenry. Parents can look into apps like Spriggy (iOS, Android), Famzoo (iOS, Android), Greenlight (iOS, Android), Nimbl (iOS, Android), and Osper (iOS, Android) to help teach their kids about financial responsibility.

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(Credit: Screenshot by Download.com)

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Takeaways

  1. Money management apps are growing in popularity to teach kids about money as the financial world becomes increasingly digital.
  2. The Gohenry app teaches kids to manage their own money with parental supervision. Kids can see a breakdown of what they've purchased, budget until their next allowance day, and perform tasks set by parents to earn extra money.

Also see

Shelby is an Associate Writer for CNET's Download.com. She served as Editor in Chief for the Louisville Cardinal newspaper at the University of Louisville. She interned as Creative Non-Fiction Editor for Miracle Monocle literary magazine. Her work appears in Glass Mountain Magazine, Bookends Review, Soundings East, and on Louisville.com. Her cat, Puck, is the best cat ever.