Parents rejoice! New app motivates kids to do their chores

MOUNTAIN VIEW, Calif. (KGO) -- Wouldn't it be nice to not have to nag kids to do their chores? For some parents, that day may have just gotten a little closer.

Eleven-year-old Mia Han takes out the trash. She's fairly honest about how she feels about it. "It's not the funnest thing in the world, but I'll do it if I have to," said the Mountain View sixth-grader.

Big brother Nicholas pretty much felt the same way. Then his parents told him about BusyKid.

The app lists a variety of chores, including cleaning after the pet rabbits. Money is transferred into the child's account after a parent confirms the task is completed.

"I could either use it and get money with it or not use it and don't get money. So I just took the obvious answer," said Nicholas.

In a few months, Nicholas says he's earned $150.

The 14-year-old is looking forward to saving enough to buy his first car.

Gregg Murset is CEO of BusyKid and the father of six children. "I really wanted to give them the skills to get out of my house and never come back, except to visit once in a while," he said.

He compares the app to a child's first job with direct deposit.

Money is deposited into three baskets -- savings, sharing and spending.

Mia and Nicholas' mom loves the idea. "My best hope for this app was that the kids would be responsible for taking care of their own chores without us constantly reminding them," said Shung Ven Han.

Mia is most excited about the opportunity to invest in the stock market.

BusyKid allows kids to invest in partial shares starting at $20. There is no commission until the stock is sold.

Mia invested in Apple. Her $20 investment has grown to $25.

"Over time, you earn the money. If you lose some, I guess you get... less money," said Mia.

Dad Allen Han says the app doesn't respond to commands as fast as he would like, but thinks, overall, it's a great motivator for kids.

"What we like about it is the aspect of the financial education for our kids. That's something that the school doesn't really teach about," he said.

BusyKid charges an annual fee of $14.95 per family. There's also a fee of $5 for each debit card.

For more about BusyKid and to download the app, visit this page.

Click here for a look at more stories by Michael Finney and 7 On Your Side.