As a single mother and a first-generation college graduate, Renae wants her 10-year-old son to start learning about finances by managing his money.
Her challenge was finding a good way to teach her son about money. She looked into a few debit card options for kids, before deciding to join the GoHenry community. (Hooray!)
What he’s learned since getting his own debit card
“I thought that's a great way to educate him in a way that he's not getting at school. He wouldn't particularly get at home,” Renae says. “It kind of sets that foundational structure for him.”
One of the deciding factors was the in-app Money Missions, a series of short videos and quizzes that teach kids about financial concepts in a fun way. And these missions have turned Renae’s son on to set his own financial goals at age 10.
“The driving force for me to select GoHenry was specifically for the learning apps,” she says. “One of the missions that he went through was a savings mission and after he did that he started actually on his own saving without being prompted,”
Money lessons he's learned from using GoHenry include:
1. When he has money, he can buy what he wants
Renae says money is a huge motivator for her son and creating tasks with financial rewards gives him the opportunity to earn money to buy the things he wants.
If he asks his mom to buy him something, she turns it around and asks him to check his GoHenry account. If he doesn’t have enough to cover it, she’ll offer ways he can earn it such as working through Money Missions, or completing chores.
2. He makes his own financial decisions
Having the freedom to buy money with his own debit card, is helping him make more responsible choices as he learns to take control of his money, while mom is still able to oversee and help guide him, when needed.
“He doesn't want me to make decisions for him, so again, this debit card was just perfect for us because he gets that control, but I have the ability to step in and adjust,” she says.
3. Learning to save money
Knowing that he needs to earn to buy the things he wants, and is learning to plan ahead, he has started a savings goal. Further proving that being in control of his own money allows is helping him make smart financial decisions.
Why it’s important to start early
Renae’s top tip for other parents who want to teach similar skills? Start early.
“Even if you think that your kid’s not ready, start it early and keep it simple,” she says. “You don't want to start when they're 16 and they're two years away from being a legal adult. You want to set that foundation now.”
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