It’s Monday morning and your kids are already asking for more money. Wasn’t it just last Friday that you transferred their pocket money into their bank accounts? What exactly have their spent all of their money on? Can you really decline their requests for more money? What exactly will you be teaching them if you keep handing over cash, regardless of the reckless spending habits they exhibit? This is a problem that parents all across the country experience on a regular, ongoing basis. Pocket money management can be a headache, but it doesn’t have to be!
One just has to take a brief look at how kids in the UK understand money and spend it to realise that there is a real need for increased awareness and education in the field of finances. The BBC released an interesting article just last year on how teens in the UK spend their money – and that in itself was an eye-opener. You can read the BBC article here. In this article, stats from the Office of National Statistics reveals that British children between the ages of 7 to 9 years spend around £8.50 per week.
In another interesting article released by the Office of National Statistics, it was revealed that girls typically spend more than boys between the ages of 7 to 15 years.
Millions of parents across the United Kingdom dish out pocket money to their children on a weekly, bi-monthly, or monthly basis – and you might be one of those parents. Do you know how much, when and how your child is spending his/her pocket money? Is your child spending responsibly or has he/she developed wasteful spending habits? The truth is, that when you don’t physically work for the finances that you have access to, chances are that you will spend it less mindfully. The trick to ensuring that your kids don’t develop poor spending habits and actually start to build financial stability early on in life is to teach them how to do so – and GoHenry is the perfect first step!
Many parents opt for a high street kids bank account when starting their kids off with pocket money, but the truth is that a bank won’t provide you with the same level of control as GoHenry will. Never heard of GoHenry? We’d love to tell you more.
What is GoHenry?
GoHenry is a money app that is linked to a debit card. When you download the app and order your child bank account card, you can set tailored ground rules for each of your kids. These rules dictate how much money your child can spend, how often they can spend and where they can spend their money. Of course, there’s no overdraft or over-spending allowed by the app and the associated card, so there’s absolutely no chance that you child can get into debt.
The convenience as a parent is that you get to set the limitations on your child’s spending which teaches them healthy spending habits and helps them to learn a bit more about responsible spending. Parents can set the weekly or monthly allowance, add various tasks, and GoHenry will take care of all family pocket money automatically.
How Kids Learn with GoHenry?
When setting up the GoHenry child bank account, parents can set certain tasks that must be completed in order for funds to be released. This teaches children the value of money. Extra money can be earned for special occasions much the same through the app. Children learn how to make good financial choices and how to save while making use of the app. While children enjoy the freedom of being able to manage their own finances, parents have better control by having an overview of how their child is spending. They can also provide ongoing advice and guidance based on the data provided by the app.
The GoHenry money app also provides parents with complete peace of mind. Immediate money transfers can be done to children while out and about, on a school trip, or even abroad.
What You Need to Know About GoHenry?
Unlike most kids bank account setups, GoHenry takes just a few minutes to set up. It is available to children between the ages of 6 and 18 years old. The app was developed by a group of friends and parents who wanted to teach their children and teens more about better money management. Both parents and children can set up savings projects/goals which the app will then automatically start saving toward.
For a limited time, the GoHenry app is free for the first month, thereafter, parents will pay £2.99 per child, per month. There is the option for children to custom design their own debit cards, and this will cost £4.99. Prices are correct at the time of this article being published and are subject to change without prior notice following this post.
How GoHenry Works?
Step 1: You can register for GoHenry online or via the app. The app can be downloaded via the GooglePlay Store or the Apple App Store. Sign up for a GoHenry account that will be linked to an account for each of your children.
Step 2: Wait just 7 days to receive your cards.
Step 3: Set up your cards and automatic spending rules and allowances. You can also invite relatives to contribute to each child’s bank account too.
The GoHenry Experience for Kids
With the GoHenry kids bank account, children will be able to do the following:
- Earn funds by completing various tasks set by parents.
- Set up saving projects and let the app help with a savings plan.
- View a variety of graphs and charts detailing earnings, savings, and spending patterns.
- Have real-time access to balances.
- Spend money according to the set rules at places where Visa cards are accepted.
- When parent’s rules are broken, spending is declined. Immediate alerts are provided detailing the reason for declined spending.
In 2018, The Guardian reported the over 45 million children in the UK were living in poverty. When you consider the poor start that these children have and their lack of understanding and access to money, the future for these children may seem bleak (financially). The reality is that children need guidance in order to develop good spending habits and a responsible approach to money. It is not something that a child is just born with. If you want to give your children the best possible financial start-off, consider downloading and making use of the GoHenry money app today.
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