What is Savings Spree and how does it work?
Savings Spree is a game app from Money Savvy Generation that’s designed to teach children about money. There are six rounds of activities total, which are presented in a game show format and hosted by the Money Savvy Pig.
As players go through the game, they’ll learn the basics of personal finance. Savings Spree will show them the different ways they can use their money: Saving, spending, donating, or investing. Players will also see how small expenses can add up over time and why unexpected bills make it important to have an emergency fund.
This app is intended for children ages seven and up. Younger kids can benefit as well, but they may need some help from a parent, teacher, or older sibling. The money lessons are aimed at kids in elementary school and will likely be too basic to interest older kids.
Teaches money lessons through games
There are several different types of games that Savings Spree has to help children learn about money. One game takes players through a mall where they need to navigate around products to avoid spending too much money. Another presents them with two options at a time and asks them to pick out the wealthy habit that’s better for improving their financial situation.
Part of teaching younger children about personal finance is keeping them interested. Savings Spree works wonders there. The games it offers are both educational and entertaining, so they’re perfect for holding kids’ attention.
Covers important financial basics
The concepts covered in Spending Spree are the building blocks of personal finance. It shows kids how they can work to earn money. The app also explains what they can do with their money and the effects of each option. They’ll learn about how they can spend money and why they should be careful with their spending choices. They’ll see how they can save for big future purchases. They’ll learn about donating to good causes and how they can invest money to make it grow.
A big focus of Spending Spree is decision making and how seemingly minor decisions can add up over time. It explains to players how much buying one soda per day can cost over the course of a year and how leaving the water on while brushing their teeth leads to more expensive utility bills. Lessons like these help demonstrate to players the long-term consequences of their actions.
Encourages kids to save money
There’s no overstating the importance of saving money regularly. And considering how many people of all ages struggle with this, it’s never too soon to learn why and how to save.
Savings Spree does a great job of encouraging children to save. It shows how diligent saving allows you to pay for expensive purchases later or for future needs, such as college. There are also unexpected costs that come up throughout the game, which helps players understand why they need to have extra money set aside for situations like these.
Plenty of content
When there’s a fee to download an app, you want to know that you’ll get your money’s worth. Your kids will have six rounds of financial games to go through with Savings Spree. That’s plenty of content overall, and it makes the app well worth the $5.99 fee.
What could be improved
As mentioned above, there’s a one-time fee of $5.99 to download Savings Spree. This isn’t a serious drawback, but parents who are looking for a free option will need to try other financial literacy apps.
For a limited age range
This app is mainly aimed at kids who are in elementary school or near that age range. According to the description, it’s for kids ages seven and up, although younger kids can also play with a little assistance.
If your children are older than about 10 or 11, Savings Spree probably won’t be a match. The games and content will be too simple to hold their attention.
Only available on Apple devices
Savings Spree is only available in the iOS App Store. That’s no problem if you have an iPhone or iPad, but Android users are left out.
View more information: https://www.fool.com/the-ascent/personal-finance/savings-spree-review/