How does a pocket money app work?

How does a pocket money app work?

If your kids get pocket money, have you considered setting them up with a pocket money app to help them manage their money? It can help kids learn about earning, saving and spending money responsibly. These apps also make it easier to pay your kids their pocket money and keep track of how they are spending it. You can set tasks for them to complete, set spending limits and even help them set up saving goals.

 

What's more, set up an account with GoHenry and your kids will have access to in-app Money Missions to build their financial literacy. Most apps come with a prepaid debit card, so you can say goodbye to hunting around for some loose change to give them pocket money. Just transfer money to their prepaid debit card and they can use it to make purchases in shops and online, and take out cash from an ATM.

What is a pocket money app?

A pocket money app is a money management tool designed for both parents and children. For example, with GoHenry, once you've downloaded the app and set up your parent and child account, you can begin setting up pocket money tasks, creating saving goals and transferring regular payments to your child. Your kids can also download their own GoHenry app to their smartphone or another device. Using the app, your kids can check their balance, track their spending and learn about money management with different quizzes, games and videos.

 

Most pocket money apps come with a prepaid debit card, which is similar to a regular debit card, that kids can use to buy items in shops and online. They can also use the card to take out money from ATMs. Some of the features you get with the GoHenry pocket money app include:

  • Manage your child's pocket money and set spending limits
  • Set saving goals
  • Set custom tasks and chores for your kids to complete
  • Choose where your children can use their GoHenry prepaid debit card
  • Receive instant spending notifications
  • Freeze and unfreeze cards

Can a pocket money app be used to reward chores?

Pocket money apps are ideal for rewarding your kids for doing chores. They are a great way to motivate kids and teach them the importance and satisfaction of earning their own money. With the GoHenry app, you can set up one-off or weekly tasks for your kids to complete. You can also set up the same task for each day of the week. Once your child has completed a task, either they or you (depending on how you've set it) can tick it as completed. Their money is then transferred to their GoHenry prepaid debit card on your chosen pocket money day. Pocket money apps like GoHenry's are simple and easy to use. Even kids as young as six can learn how to use a pocket money app.

How can kids spend their pocket money using the app?

The GoHenry pocket money app works alongside the GoHenry prepaid debit card, which children can use to spend their pocket money. It's like a Visa debit card and can be used to buy things in shops and online. However, unlike a traditional debit card, your kids can't go overdrawn and they can only spend what you allow them to. You can set up spending limits in your parent account and block the card from being used at particular stores. If your kids need cash, they can also use their GoHenry prepaid debit card to withdraw money from an ATM. GoHenry prepaid debit cards don't work in certain stores with an ‘over 18’ merchant code such as pubs and off-licenses that sell alcohol.

 

Having their own prepaid debit card is a great way to give kids and teenagers financial independence but with a parental safety net in the background.

Can I track my kids spending through a pocket money app?

While you can set spending limits and restrict your kids' use of their GoHenry prepaid debit card, a huge benefit for parents is that you can also track their spending with the pocket money app. You'll receive notifications in real-time to let you know how much your child is spending, on what and where. If you have concerns, you can easily block or unblock their card from your parent's account and change the spending rules and limits. The limits you can set through the GoHenry pocket money app are:

  • ATM withdrawal limit
  • Where they can use their prepaid debit card (online, in-store or ATM)
  • How much they can spend in one go
  • How much they can spend each week

Will a pocket money app help with my child's financial education?

Pocket money apps like GoHenry teach kids as young as six about the value of money and the importance of saving. They, as well as other money games for kids, can play an important role in kids' financial education. The app has games, interactive quizzes and videos for kids to watch to help them learn about how money works.

 

GoHenry's Money Missions are fun, interactive lessons that boost financial literacy. Money Missions have been developed alongside financial experts and teachers to cover basic money skills, earning, budgeting, saving, investing, responsible spending, money safety and credit. When they conquer a new money skill, they can unlock new levels and even earn badges and points to keep them motivated and feel accomplished.

 

 

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Written by GoHenry Published Feb 28, 2022 ● 4 min read