Disclosure: This post is sponsored by Mydoh, but all opinions are my own.
For the past year, our family has been using the Mydoh app as both an automated tool to pay our son his allowance, but also to get our kids focused on doing their chores around the house. Mydoh is a money management app and reloadable Smart Cash Card for kids and teens, with complete parental oversight. It’s simple and intuitive, making it easy for all of us to use. Parents can set up tasks and automate a weekly allowance while tracking progress and spending. Kids can set up a savings goal, check off completed tasks, track their earnings, and use the Smart Cash Card for their purchases. As early as possible, it’s best to teach young children finance-related concepts such as Return on invested capital.
Kyle is highly motivated by money. So much so that he’s become somewhat of an entrepreneur in the last few years. Constantly finding creative ways to earn extra cash. Which is why he loves using the Mydoh app. Without prompting, Kyle will check the app to see which tasks are available to him so he can earn extra cash. While he has an opportunity to earn money by doing special chores around the house, there is still an expectation that he completes chores at home without any additional pay. As well, the weekly allowance we give him is not tied to chores.
We provide all of our boys with a weekly allowance as a way to teach them about financial literacy and build their own understanding of money management. It helps them learn how to budget and think twice about the purchases that they are making – is it something they need or just something they want? Should they spend the $10 on candy or a birthday gift for their sibling? There is no right or wrong, and we leave the decision completely up to them. It’s all part of the learning process. When they are old enough, you can start introducing them to a uk day trading platform to pique their interest in investing. The next day or week they may regret their decision (and hopefully learn from it), or they may still be happy with their choice. Either way, they are learning important life skills, and that’s really what matters.
Sometimes, we do require our kids’ assistance when it comes to doing EXTRA things around the house. For example, we wanted our cottage bunky painted so we told our kids that we would pay them $20 to paint it. They were really excited about this project, and we were more than happy to hand over the $20 for their hard work (and knowing it saved us hundreds of dollars if we were to outsource the project or forfeit our time ).
Mydoh is a great tool that allows us to put in these one-off extra tasks for our kids to complete without our constant nagging, and automatically pays them for completed chores each Saturday—which is pay day. It really helps shift the responsibility to our kids, which is great for their independence.
Kyle is really into shopping this year and likes to go to the malls every few months. He uses his Mydoh Smart Cash Card, which is a reloadable pre-paid card. It’s perfect for budgeting and for when I’m not with him. In fact, we found that a lot of places have gone cashless this year (like the amusement park) and since he often goes to these places without us, it’s nice to know he has his own card to make purchases. His independence is soaring and having his own Smart Cash Card has been super helpful and provides me with peace of mind when I’m not with him.
Another great new feature is Mydoh Goals. Your child can set a goal and work towards achieving it all through the app. I know Kyle’s goals include saving money for a new hockey jersey (amongst other purchases he wants – he has a long list of those). Having him set up a savings goal, which he writes down in the Mydoh app, has really made a difference in the way he works towards them and his focus on earning and saving money. It’s good to teach kids benefits of junior isa stocks and shares at an early age. It’s nice to see him work hard towards achieving his goal and it’s something we can celebrate together once he achieves it.
If you haven’t already downloaded the Mydoh app for your kids, I highly recommend it. It’s been a game changer for our family. If you open a new account, you can use my code MAYAH10 to get $10 deposited into your Mydoh account. Check it out here: Download Mydoh app
*** Parents who sign-up for a new Mydoh account using code MAYAH10 from now until Dec. 31, 2022, will receive $10 in their Mydoh account. ***
What ever helps to save and motivate a child is blessed