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Chore app helping kids earn, invest, donate, and spend

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Posted at 6:08 PM, Dec 27, 2019
and last updated 2019-12-28 00:27:55-05

SAN DIEGO (KGTV) - With help from a chore app, kids are investing in the stock market and budgeting their allowance.

Called BusyKid, they can earn, save, share, spend, and invest real allowance.

"I think the best way to describe what BusyKid actually does is it's your kid's first job with direct deposit," said CEO Gregg Murset.

He created the app to not only teach his six kids how to manage money but in response to the nation's growing financial problems.

"Credit card debt is at an all-time high. National debt is at an all-time high. College loans - all-time high. It's like holy smokes we've got to change this, and really, we've got to change it with the next generation," said Murset.

Three siblings in a Southern California family have completed over 1,000 chores through the app, earning $400.

"It makes me feel more accomplished!" said 12-year-old Annabel Wenrich.

The app is free for families to use, but they can choose to get debit cards for the kids, each costing $7.99 a year.

"And they actually have to manage the balance on that card, it doesn't work if there's no money in it," said Annabel's dad, J.J.

J.J. says it's been helpful for the kids to see where their money actually goes.

"They've learned am I naturally a spender, am I naturally a saver, and how do I manage those emotional responses, how do I manage those tendencies so I'm not always broke.

The app is available for iOS and Android.