The helpful website, Parents to Kids Money, has a fantastic free app available to teach kids about the responsibility of money and budgeting. The P2K Money app will teach kids how to create a budget, track their expenses, save their money, and spend wisely. It is an interactive, easy to use, app that allows them to input their “income” (allowance, mowing the lawn, babysitting, etc), expenses, and items on their wish list. Overtime, as they learn the value of careful spending, they will see their “available money” increase as well as the funds they’ve put aside for their wishlist item.
The P2K Money app is compatible with iPhone, iPod touch, and iPad. The app requires iOS 3.2 or later.