Teaching Our Kids to Earn, Save and Spend with MyDoh
This post is sponsored by Mydoh.
It’s been a great year of learning about money management in our household! Ever since the boys were little, they always had a piggy bank in their rooms where they would save any gifted money or treasures found in the sofa. As the boys got older, a piggy bank didn’t cut it anymore. We were on the hunt for something better: an innovative way to teach them financial literacy skills. Luckily, we came across the perfect app for the job: Mydoh.
Mydoh is a money management app and Smart Cash Card that helps kids navigate and learn about money; from earning, saving, and spending! It’s easy to sign up and get started. I downloaded the app to my phone and set up a parent account. I then sent an invite to my boys to join. The boys downloaded the app and we helped them set up their accounts. The process was quick and efficient.
Soon after, the boys (Anthony and Stefano) received their Mydoh Smart Cash Card via snail mail, which they were super excited about! These cards act as their own debit cards, and the boys can tap and purchase items in store or online. Anthony loved being able to pay for his own lunch off campus every Friday, saving us from having to scramble for cash on those busy Friday mornings. With my parent account, I really liked having oversight over what he purchased and where; which allowed us to have some great discussions about spending and saving!
How does Mydoh work? This is my favorite part, it’s so easy! Through the Mydoh app, I can transfer money to my parent account and then send funds to the boys’ virtual Mydoh wallet. Each Saturday is pay day and that’s when the boys receive their allowances for helping with everyday tasks around the house.
In addition, parents can set up extra tasks or household chores which allows their kids to earn more money. In our case, if the boys want to take on extra work, like cutting the lawn, shoveling the driveway or cleaning out the garage, we transfer funds, or “payment” as the boys like to call it, to their Mydoh accounts based on the agreed amount for the work.
The boys and I have been loving Mydoh and the financial learning and independence they get from it. They can see what they earn, think about their spending, and learn to save! Our favorite is the Mydoh Goal feature because the boys can set a savings goal for a specific item, visually track progress, and once achieved, we can all celebrate their success. Using Mydoh, Anthony and Stefano have set some lofty saving goals for this year, and they plan to use some of their savings to buy Christmas gifts for each family member.
We always recommend Mydoh to friends and family. It’s the perfect app for tweens and teens. Want to check out Mydoh? Download the app, create an account, and invite your children to join. Parents who sign up for a new Mydoh account using code DINA10 from now until Dec. 31, 2022, will receive $10 in their Mydoh account.
Till The Next Post,
Move Play Mom