How To Teach Kids About Money: Safe Ways To Spend & Save

According to Forbes, children age 3 understand concepts like saving and spending, and money habits are formed by age 7. Slightly scary research findings, but worry not. If you’re looking to teach your kids about money, look no further.

These guys are the experts when it comes to helping kids manage their pocket money. RoosterMoney’s free downloadable app is packed with features that will teach your child good habits they’ll continue to benefit from in later life, and if Forbes’ research is anything to go by, there’s no time like the present to start!

Tips for teaching kids about money

RoosterMoney’s  ‘4 Pot system’ encourages kids to manage their money between ‘spend’, ‘save’, ‘give’, and ‘goals’. Through the use of the Rooster Card, kids are introduced to concepts of ‘interest’ and ‘statements’ so they’ll start to learn the basics of finance, all within a safe environment with parental controls. They will also get their own log-in so they can make the experience theirs.

My Baba founder Leonora Bamford has been using Rooster Card for a few years now and says “The RoosterMoney App is a great way to keep track of how much they’ve got, and what they’ve got it for. RoosterMoney has brought old school values to modern-day kids, with the latest technology to teach children how to manage their money in a really smart way.”

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“It’s really easy to use. Download the app and set up an account for each child, so you can see all their allowances are in one place. The kids can save for things, and if they’re pestering for something while you’re out, or if they’re out with their friends they can decide whether to spend it with their Rooster Card, or keep saving for their goals,” says Leonora, founder of My Baba.

“You can start using RoosterMoney with children as young as four years old. It lets parents set goals and outline different ways for kids to earn rewards. It gives them some extra independence but also lets you stay in control with things like setting spending limits and receiving notifications to your phone every time they spend.” Leonora adds.

Using the Rooster Card in the real world

Let’s face it, cash is not king right now, especially since the pandemic. But worry not, the Rooster Card is the perfect contactless solution for your child when they need to use it out and about in the real world, and the Rooster Card can be used for pretty much anything – magazines at the local shop or the bus fare to get to school.

The Rooster Card is a prepaid Visa debit card that gives kids independence over their money while offering fantastic parental controls – so everybody’s happy!

Best prepaid debit card for children

You can decide where your child’s Rooster Card can be used, whether in shops, online or at ATMs. What’s more, there are instant spending notifications for both you and your children, you’ll both know exactly what’s going on.

No overdraft, one-time CVV

There’s no overdraft, so there’s no worry about overspending. You can even freeze and unfreeze the card instantly, for those inevitable ‘where’s my card?’ moments. The Rooster Card’s one-time CVV makes it a secure card for online transactions, giving you complete peace of mind.

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Works with other devices around your home

RoosterMoney seamlessly integrates with other devices around the home – and these might even be ones you’ll find under the tree this year. Think Amazon Echo, Facebook Portal or the Sonos One. You can set it up and yell at Alexa, asking ‘How much pocket money do I have?’ or ‘What chores do I have left today?’ Pretty nifty for getting things done around the house, eh?

Pocket Money Guide

The Rooster Card comes beautifully wrapped and is presented along with a brilliant Pocket Money Guide. The guide can be used by parents and kids alike and is jam-packed with tips on how to be smarter with money.

The RoosterMoney website is also full of all the useful information and resources you’ll need to get your head around pocket money.

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My Baba sponsored content in collaboration with RoosterMoney