How do you manage your childs pocket money?
From the age of 11 mine have had a bank account opened in their name and then me or hubby will deposit £20 in their account every month for them to spend how they wish. It is surprising how quickly they learn to manage their money after a couple of months of spending it straight away and then realising that they have nothing left for the rest of the month!
However, we still struggle with the saving aspect. They all have savings accounts, but very rarely deposit any money into them, as it is such a palaver to withdraw the money should they need it.
We are working hard to teach the children the value of money and that they have to save for the items they want. This is where Roosterbank can help!
They have created Roosterbank to let children manage their own pocket money and learn to save and shop responsibly. Its also designed to help mums and dads keep track of pocket money – while hopefully keeping it hassle free and fun. You can watch a video they put together here.
The site is free to sign up to and you don’t have to deposit anything on the site (it works on an IOU basis essentially) so you only pay for things when your child can afford them, based on the pocket money you set/boost to the account.
This site is aimed at 6-12 year olds and we are using it with Kian who is at the top of the age range. Kian was surprised he enjoyed using the site, and was soon playing the games and virtual shopping for all the items he wanted to save for. He can sign in as and when he wants to see how his savings are growing and how close he is to his target.
There is a separate area for parents to log in and review what their child is up to. I add his pocket money monthly and can then choose whether to boost his savings e.g. if he has come home with money from Nanny or has completed an extra household chore.
Roosterbank are also adding new functionality and there will soon be a present / wish list function too which will be great on the run up to birthday’s and Christmas.
Kian is saving for a laptop and has even surprised himself by how much he has saved so far. He put away most of his birthday money and apart from some XBox360 gamer points he just had to have, has saved all of his pocket money. So far he has saved £158 which is good going.
The only problem I have now is that if I sell anything of his on eBay, he demands the funds gets added to his Roosterbank account!!
If you want to find out more about Roosterbank, you can find them on facebook at – https://www.facebook.com/Roosterbank and twitter – http://www.twitter.com/rooster_bank
A good rule of thumb would be to plan a minimum of six months of secure payments
Payday loans many landlords nowadays do not reside on the property they
may be renting out.