The Consumer Price Index in Phoenix is up over 8% compared to this time last year. As families work to make ends meet, there's an app that's preparing kids for the future.
ABC15 first spoke with Gregg Murset, the creator of BusyKid, about four years ago. The app lets families, like the Berrys, delegate chores, pay their kids for the work, and separate the payments into a checking or savings account.
"Every week I can earn about $10- $20 a week because of the chores that I do," said Christopher Berry.
"I think that kids have learned some tough lessons along the way," Christopher's mom, Lisa, said. "If you want that big ticket item, you're going to have to plan for it."
The economy is different now, compared to when Murset first created the app.
"All-time high consumer debt, all-time high student loan debt, all-time high national debt," he said.
Murset has added some new elements to teach kids about saving, like letting them purchase stocks and preparing them for a 401-K.
"I got money just simply making an investment. That's pretty powerful as a kid to understand that," he said.
Kids can also set money aside for donations.
For entrepreneurs running a lemonade stand, all you have to do is scan their phone through the app to pay them electronically if you don't have cash on hand.
Murset wants every family to start the conversation early about earning and spending.
"They'll be more grateful for what they got," he said.
For Lisa, she says she's already learned a lot about her kids' spending habits. She hopes to set them up for financial independence.
"I think as parents we really have to take responsibility of teaching them," she said. "I don't want them to learn these lessons the hard way through life."
The app costs $4 a month and it comes with five spending cards connected to the app that your children can use.
