D.C. Teens Teach Money Management Skills with Award-Winning App
Lavinia and Hatcher Pitts, 13-year-old twins from D.C., have become experts in saving, spending wisely, and giving to charities with the help of a money management app.
As the holiday season approaches, many adults find themselves grappling with the challenge of saving and spending wisely. However, two young finance enthusiasts from Washington D.C., Lavinia and Hatcher Pitts, have proven that age is no barrier to financial savvy. Armed with a money management app, these 13-year-old twins have not only mastered the art of saving for big-ticket items but have also developed a keen understanding of spending responsibly and giving back to their community. Their remarkable achievements have earned them the prestigious “Best of the Best” recognition from the BusyKid money app, making them role models for their peers and adults alike.
Empowering Young Minds with Financial Literacy
Lavinia and Hatcher Pitts, students at the Inspired Teaching Demonstration School in Northeast D.C., were introduced to a money management app by their parents last Christmas. The app was intended to streamline their weekly $12 allowance, ensuring they received their spending cash promptly while also teaching them valuable money management skills. Little did their parents know that this simple tool would spark a passion for financial literacy in their children.
The Power of Seeing Your Money
The Pitts twins quickly grasped the benefits of using the money management app. By visualizing their finances, they gained a newfound perspective on their spending habits. Lavinia astutely observed, “When you’re seeing your money instead of just using your parents’ money, you look at your Amazon cart and you’re like, ‘Why am I spending $500 on stuffed animals?’ Let’s not buy that.” This shift in mindset allowed them to make more informed choices and avoid impulsive purchases.
Saving, Spending, and Giving Back
Through their experience with the money management app, Lavinia and Hatcher have honed their financial skills in various areas. Hatcher has become a skilled saver, often using the app’s debit card to make thoughtful purchases of expensive electronics that he has diligently saved for over months. On the other hand, Lavinia has discovered the joy of giving to charities, particularly those focused on animal welfare and helping low-income families. She emphasized, “It makes me feel like I’m helping for a bigger cause. I can’t vote. I’m 13. I have a bunch of charities that I can read about. It just feels like one of the big ways that I can make a difference.”
A Parent’s Perspective
Mary Pitts, the mother of Lavinia and Hatcher, has witnessed the positive impact of the money management app on her children’s financial habits. She believes that their experience with the app is preparing them for the real world, equipping them with essential money management skills. Pitts shared, “I see our role as being in a position to put training wheels on for our kids to learn how to use their money. This is preparing them to go out into the world.”
Influencing Others and Making a Difference
Lavinia’s passion for responsible spending extends beyond her own financial decisions. She recently advised a friend who was about to purchase five vinyl albums of his favorite artist, Taylor Swift. Recognizing the potential waste of money, Lavinia texted him, “You can buy one of those and maybe a magazine. Do not buy five of them. You will put them in your closet and forget about them. You are wasting your money.” This anecdote highlights Lavinia’s growing influence as a role model for her peers, demonstrating the impact of her financial literacy journey.
Conclusion:
The remarkable achievements of Lavinia and Hatcher Pitts serve as a testament to the power of financial literacy and responsible money management. Through their experience with the money management app, they have not only become experts in saving for big-ticket items but have also developed a strong sense of social responsibility by giving back to their community. As the holiday season approaches, their wise advice to avoid unnecessary purchases serves as a timely reminder for both adults and young people to prioritize needs over wants. Lavinia and Hatcher’s story is an inspiration for all, emphasizing the importance of instilling financial literacy skills in young minds to empower them for a successful future.