FitBUX Kids: Empowering Your Children With Financial Wisdom.
Teaching finance, math skills, and entrepreneurship to children ages 3 - 18.
We are currently seeking feedback from parents on what you'd want on the platform! Let us know by completing the following survey. Plus you can sign up to beta test it!
Empower Your Kids With Financial Wisdom.
Teaching finance, math skills, and entrepreneurship to kids aged 3 - 18.
We are currently seeking feedback from parents on what you'd want on the platform! Let us know by completing the following survey. Plus you can sign up to beta test it!
Dear Fellow Parents (and all others involved in the village of raising kids including grandparents, aunts, uncles, godparents, etc...),
In our quest to nurture a world where children flourish with financial wisdom, my husband and I embarked on a journey to teach our daughter the art of money management.
Imagine the sweet sound of a child's laughter as they learn to save, the sight of their eyes lighting up with understanding, and the feel of pride in their accomplishments.
This is the essence of FitBUX Kids.
It all started with a spreadsheet, a calendar, and many, many unorganized post-it notes. It has now evolved into this unique system. With this system, our daughter Samantha, at just six years old, has saved over $4,500! She has also blossomed into a young entrepreneur, starting two businesses.
Her journey is a testament to the power of this system.
Based on feedback (and pleas!) from other parents, we have decided to turn our manual spreadsheet into an online platform for others to use.
Your feedback and participation in our beta test are the key ingredients to refining this experience, not just for your child, but for all children.
Join us in this educational adventure with FitBUX Kids, where financial learning goes well beyond numbers.
Warm regards,
Cindy Hon-Reinke
"I Saved For Something I Really Wanted"
'For months I didn't spend any money on toys once I realized I'd only play with them for a few days. Instead, I saved what I earned, and on this trip to the San Diego Zoo, I bought a stuffed animal. I named him Spot Swat. He sleeps with me every night! Plus, I had enough money left over to treat my mom and me to a huge vanilla ice cream!'
Samantha Reinke (age 6)
About FitBUX Kids
FitBUX Kids is an innovative online platform designed to revolutionize the way children ages 3-18 learn about money.
It offers a unique blend of financial education and practical application, teaching kids essential skills like earning money, saving, lending, math, and entrepreneurship.
With FitBUX Kids, children are empowered to make informed decisions about their own money, reducing the likelihood of in-store tantrums and fostering a sense of responsibility.
FitBUX Kids Teaches Children Key Concepts In Real Life
Earning
Your child earns money for items you identify such as chores, learning lessons, etc... Thus, they learn that money doesn't just grow on trees!
Saving
Each month your child CAN spend a percentage of their earnings, and MUST save a portion. Therefore, they learn how to earn money, spend a portion, and save all at the same time!
Fines
Just like you can reward positive behaviors, you can also implement "fines" to help kids learn the consequences of behaviors you do not condone.
Loans
Your child can also borrow against their future spending money. However, it will cost them greatly. This is a great way to learn that instant gratification does not come free.
Entrepreneurship
If they want to start a business so that they can earn more money, they can track business revenue and expenses on FitBUX Kids!
Peace Of Mind For Parents With FitBUX Kids
No More Tantrums At Stores
Children will think twice before spending their hard-earned cash. You'll be amazed how quickly they stop throwing tantrums when you don't simply say "no".
Financially Responsible Children
Financially responsible children are likely to remain financially responsible adults. They may give you other reasons to stay up at night, but irresponsible financial behavior should not be one of them.
Parental Controls
You decide the parameters of their financial education journey and control how to set the system up, tweaking it as needed as your child grows up.
Top Questions About FitBUX Kids
One of our goals is to make FitBUX Kids very accessible. This is one of the questions we ask on the survey, i.e. what do you feel pricing should be?
We're a small, mighty team and will hit the ground running as soon as we have gathered enough feedback via the survey and lined up beta testers. We expect development plus testing to be completed in the second quarter of 2024.
Our approach is percentage-based and implement the concept of carry over.
First, you and your child decide together the percentage of earnings your child is allowed to spend each month. Let's say you decide they can only spend 10% of their savings. To keep the math simple, let's say that your child has earned $100. That means that they would be allowed to spend $10. If they choose to only spend $5, then the remaining $5 are carried over and added to what they can spend the following month. In our example, they now would have $15 to spend the following month.
Within two months of implementing this system with our then three year old, she already understood the concept of saving instead of buying everything on a whim!
With FitBUX Kids, your child can decide to borrow against their spending amount for the next month. However, they are charged a very high interest rate.
For every $1 borrowed, they lose $2 in spending the next month. Using the same example as before, if they want to borrow $5 in the month of January from their February spending money, they would owe $10 in February, and thus would not have any spending money in the month of February.
We implemented this in the 3rd month with our daughter. She understood saving at that point but didn't understand why she couldn't spend money from future months. Therefore, we came up with this lending strategy. When month 4 came around she had $0 to spend and I said to her, "Was it worth buying that toy you bought with that money since you haven't played with it for weeks?"
Long story short, she hasn't taken a loan since!
Fines can be a scary word for a child and should be handled with care. We don't think parents should arbitrarily take money from your child because they did something "wrong." They earned that money, it's theirs. In essence, taking it would be akin to stealing.
It is very important to get buy-in from your child and set the rules clearly ahead of time. For example, we set fines for being rude, swearing, and wearing shoes in the house. With FitBUX kids, you'll get to decide what triggers a fine and what the fine amount should be. You can also decide to not implement fines at all of course. Either because you find this too aggressive or because your kid is a true angel and would never be fined anyway.
Here is another key variable we've implemented in our household: the fine needs to apply to you, the parent, as well. Applying it to everyone in the household has three objectives. First, it makes your child feel like they aren't being singled out. Second, it teaches your child that rules apply to everyone equally. Lastly, the money the parent(s) are fined goes to your child - it's only fair...
...And children love the fact that they get to make money when grownups don't adhere to the rules. Our daughter loves going to Nana's house because she knows she's going to be able to enforce the swearing fine and maybe, just maybe, make a lot of money!