We give our kids pocket money every month.
By the end of the month though they’ve spent it all and more.
It’s like money grows on trees.
In a bid to get them thinking more about their spending, I decided to give Rooster Money a go.
It’s gets everyone in the family involved in budgeting and helping kids learn how to look after their pocket money.
I’ve uploaded the app to my kids’ tablets and mine and my wife’s mobile phones.
I like the fact that the kids can immediately see how much money they have left.
Unlike when I was young, we don’t give them physical money in their hands.
Usually they just ask how much money they have to spend but now they can see for themselves.
At the moment, both my kids get £10.00 a month which on the face of it seems a little lower than average.
Inevitably it turns out to be much more than that though.
Hopefully going forward we can reign that in and help them save some money each month.
The bank of Mum and Dad can then breathe a little easier.
My kids always want something or other and usually don’t have enough cash to cover it.
The goals feature of Rooster Money lets them set up a list of things they want to save for.
It empowers them to take charge of saving towards their target.
For younger kids, parents can also set up goals for their kids based on their wants and desires.
They can move money from their virtual wallet into one or all of their goals.
The app shows them how they are progressing towards saving up for the things they want.
When a goal is reached, parents can then approve and fulfil their goal.
Rooster Money Plus
With Rooster Money Plus you can do even more.
Encourage earning – connect jobs and chores to pocket money;
Incentivise savings – set interest rates and auto-savings;
Develop budgeting skills – set up regular outgoings each week/month
Involve everyone – add unlimited guardians to your account.
You can encourage your kids to earn their pocket money by setting up jobs and chores they need to complete.
If they don’t do them you can decide whether they:
- get the cash anyway;
- only get a percentage;
- don’t get anything;
- need to convince you each week/month how much they should get.
At this stage we haven’t stipulated any jobs for our kids to get their monthly pocket money.
However, you can also add one-off and/or recurring jobs they can earn additional cash for.
We’ve been using that option quite extensively.
From helping out in the garden, washing the car to making the bed, there’s always opportunities to earn a little extra cash.
Saving money isn’t necessarily something kids are used to.
Most months when my kids get their pocket money, it’s gone within the space of a day or two.
Rooster Money gives the option to move a portion of pocket money to savings (the safe) each time it’s given.
We’ve chosen to keep this quite low at this stage but to lessen the blow you can incentivise it with interest payments.
If you regularly pay money into a savings account for your kids you can link this to the bank’s savings rate.
We have an ISA for each child but not a savings account as interest rates are so low.
We still give them interest on any cash that gets paid into their safe though.
That just comes from the Bank of Mum and Dad instead.
If you subscribe to things like Netflix and Spotify, you might want your kids to help contribute.
The regular outgoings feature allows you to set up recurring payments from their pocket money.
It can help them budget by keeping on top of whether they can actually afford the things they want.
In future, when the kids are older, we might decide they need to contribute to things like Netflix and Playstation Plus.
For now though, we cover those things but I like the fact the option’s there should we want to use it.
Just like a bank statement, your kids can check transactions that have been added to their pocket money.
The statement feature allows them to see any jobs they’re received money from as well as:
- extra cash (boosts) they’ve received from mum, dad and other grown ups;
- their weekly or monthly pocket money;
- any interest that’s been added to their safe, and;
- any regular payments they make from their pocket money.
Have You Tried Rooster Money Yet?
What do you think of Rooster Money?
How do you keep control over your kids’ pocket money?
Are there any other apps you’ve come across that can help?
Please let me know in the comments section below.