A safe, simple, and smart way of managing your children’s finances
Pocket money solution is a modern way of establishing the right balance of control and independence for your kids. This solution enables parents to view all their kids’ finances along with allowing them to set pocket money, tracking spending, monitoring savings goals, transferring funds, and locking cards.
Both parents and child have an app on their phones. Parents can simply add money to the wallet which they intend to give to their kids. Once the money is added, the child can use it like a normal debit card or a mobile wallet.
This solution also comes with a feature which enables parents to cap daily spend limits on the application. Moreover, it also allows parents to put a cap on expenditures across various categories such as shopping entertainment, drinks, groceries, etc. These features help parents to ensure that their kid is not overspending his/her pocket money.
What can parents achieve with it?
The pocket money solution plays a crucial role for parents to cultivate money-saving habits in their kids. Let’s have a look at what else parents can achieve with a pocket money solution.
Ease and convenience
- Add multiple profiles for multiple kids
- Establish regular transfers of pocket money
- Make one-off payments instantly
- Create tasks for kids to earn more pocket money
- Invite and enable relatives to contribute
Shape your child’s spending environment
- Define daily and weekly spending limits
- Decide where your kids can spend money
- Block and unblock cards quickly
- Get real-time notifications
Here’s what children can achieve
Parents are not the only beneficiary of pocket money solution. Let’s have a look at what children can achieve with a pocket money solution.
- Take better spending decisions with pocket money solution at a young age.
- Receive real-time spend notifications
- Track transaction history
Make savings a habit
- Set multiple visual savings goals
- Keep a track of your progress
- Unlock money by completing saving goals
Advanced features of pocket money solution
The robust pocket money solution comes with a cluster of robust and advanced features that makes it easy for parents to guide, view, and manage their children’s finances. A pocket money solution can be used as a virtual money tracker as well as a chore tracker.
Features of a virtual money tracker
Set periodic and ad-hoc allowances
Parents can set allowances which would automatically get deposited to their child’s account on a specific day. Moreover, they can also manage it on an ad-hoc basis or send money whenever they need it.
Guide and suggest kids to spend smartly
Encourage kids to save money for later or to donate towards various causes with saving, spend, and give pots feature. You can also divide allowances into different pots with a feature called ‘split allowance’.
Add more guardians
Get another parent or guardians on board by sharing the credentials and enabling them to track the allowances given to the children. This would help them to monitor the kid’s goals.
Set compound interest rates on child’s savings
Introduce kids with the power of compound interests and encourage them to make bumper savings in their savings pots.
Celebrate your children’s progress and achievement
Children can view their spending and saving with the help of pot history and statements. Parents can celebrate their milestones and achievements on the progress page.
Define chores for kids
You can add a list of chores for your children which will provide them with daily or weekly allowance on completion.
Define chores as per the routine
You can define chores that are on-off for a day or which repeats weekly and monthly. This feature helps you to set chores as per your family’s routine.
Chores management by children
Kids can also manage their chores by viewing their chores, marking it complete, and submitting them for the approval.
The solution enables kids to send photo proof of chores completion. All they need to do is tap on their chore and send a photo for the chore approval.
Flexible allowance options
This solution provides parents with flexible allowance options. They can either give a full allowance, a per cent based allowance, or no allowance at all depending on the chores completed.
How does it work?
To understand the working of the pocket money solution it’s important to bifurcate its workflow into two i.e. for parents and for children.
Firstly, the parents add a child to the solution. They can either add one or multiple children in the solution. After that parents set allowance amount to be given to children. Parents can also set limits to the allowances as per their wish. Moreover, they can also impose interest rates on the allowances. At last, parents can monitor and track their children’s spending on the app itself.
Children can receive money from their parent’s wallet in the form of allowances. Then children can spend that money for various purposes. Children can also view the reports and analytics which provides them with data like their total spending in various segments daily, weekly, and monthly. Children can also create various goals for saving money and achieving extra rewards. At last, children can complete chores given by their parents to earn extra rewards.
Benefits of a pocket money solution
Easy pocket money management for parents
A pocket money solution enables parents to manage all the pocket money in one place. It enables parents to help their kids to make smart spending and saving decisions.
Makes money management fun for kids
A pocket money solution makes money management fun for kids with a child-friendly interface that motivates kids to engage with their money.
Inculcate good money habits
A pocket money solution is an efficient and effective way to inculcate good savings and spending habits in your kids that will last for their lifetime.
Teach kids the connection between reward and work
A pocket money solution is a foolproof way to teach your kids about the connection between reward and work. It inspires them to work harder to earn more rewards.