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Jun 10

Teaching Kids About the Value of Money

Reading Time: 3 mins

At MoneyMagpie, we’re passionate about educating everyone about money. Good money habits set you up for life and help you keep on top of your finances. We believe this is particularly important with children.

A study from Cambridge University showed that most money habits are formed by the age of 7! So, it’s really never too early to start talking to your children about money. From the age of 3, children are beginning to grasp basic money concepts so if you’re in need of a helping hand, why not try out RoosterMoney.

All MoneyMagpie readers get a £5 pocket money bonus when they sign up to purchase an annual Rooster Card subscription by using the promo code MAGPIE5

 

What is RoosterMoney?

RoosterMoney is a great, fun way to introduce kids to important money concepts. Designed for children of all ages, and starting from as young as 4, RoosterMoney helps children graduate through all the key money milestones. Younger children can use star charts to learn about rewards while it teaches older children responsible spending through the Rooster Card  – a prepaid debit card with parental controls. No matter which stages of life your children are at, RoosterMoney has tools and resources for you.

 

How does RoosterMoney Work?

RoosterMoney is made up of two parts: the app and the card. For younger kids you can use the app as a virtual pocket money tracker that lets kids keep track of their earnings and savings. You can assign them chores to do and give them a reward when they complete them. Parents oversee what money goes in and out – so you remain the Bank of Mum & Dad without having to make actual deposits.

As the kids get older you can graduate them to ‘real money’ with the Rooster Card, giving you flexible parental controls, and giving them the independence to make considered choices about saving and spending in a safe environment.

Roostermoney

 

Why choose RoosterMoney?

RoosterMoney makes chores and pocket money fun, easy, and educational. They’re on a mission to teach children good, fundamental money habits through practical learning. Both parents and kids can use the app (kids have their own login) to manage pocket money, set goals, and track chores, making it a super easy and convenient way to teach your children about the importance and value of money in everyday life.

The Rooster debit card is packed with child friendly features to make it safe and secure for kids to use.

  •  Parents can specify where money can be spent (In shops, at ATMs, or online), and you can both get instant spending notifications to your phone.
  • The card can’t be used in shops with over 18s merchant codes (like off licences & betting shops).
  • You can freeze and un-freeze the card instantly if stolen (or just lost!), and it uses a one-time CVV, for more secure online purchases.
  •  Also, importantly, kids can only spend what is available in their Spend pot in the app and so cannot go overdrawn.

The site also gives free access to lots of great educational content under the Educational section of their website. Covering everything from taxes to budgeting, this is a great place to find easy to understand resources.

 

Get the Offer

If you’re passionate about teaching your children valuable money lessons that you grew up with (or wish you had!) then try out RoosterMoney.

Sign up today and get a free 1 month trial plus a £5 pocket money bonus when you take out an annual Rooster Card subscription (£24.99/yr) using promo code MAGPIE5. Sign up here. 

 

Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence.

 

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Joanne
Joanne (@joanne-edwards)
5 months ago

Definitely agree kids need to be taught about money.

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