Modern money is lazy
In our modern world of credit cards, direct deposits, and online transactions, it’s easy to forget the true value of money. With direct deposit we no longer stop to feel proud of our paychecks, to cringe at tax deductions, or to record earnings in our checkbook. Credit cards eliminate the need for physical money to change hands, and automatic transactions make us lazy in monitoring our accounts.
Bits establishes a family currency
Money seems to appear like magic in our bank accounts, and it disappears just as mysteriously. With so many people overspending, neglecting to save, and struggling through debt, it’s now more important than ever for children to learn the value of money. Bits, a new iOS app, is a great new resource for families with this goal. With Bits, families can establish a custom currency to ‘pay’ their children for chores like laundry, helping with dishes, and feeding pets.
Earn Bits for actual hard work
While an allowance can seem like a handout, Bits are earned for hard work. Families decide how many Bits their children will receive for household tasks, and kids will begin to appreciate the exchange of services for Bits. Kids will be able to watch their Bits accumulate over time, and learn about investments by putting Bits into an interest-based savings account. Kids can either pay their parents directly with Bits denominations, in exchange for toys, or families can swap Bits for real money at an exchange rate set by the parents. Children will take joy knowing that they have earned their toys!
Use Bits anytime, anywhere
Families can use their Bits currency anytime and anywhere. Because the app does not require access to the Internet, there will never be a time when parents need to change their rules. Bits can be traded among family members in the car, on vacation, outside– anywhere your device goes!
Teach your children their first simple economic lesson
This app allows families to introduce simple economics—the exchange of goods and services for money—without having to circulate real money around. By using Bits, rather than real money, kids won’t become fixated with money itself. They will learn the value of hard work and the basics of our financial model in an environment that parent’s control.