My kids turned 7 and 10 this year. How the heck did that happen?! We suddenly realised that not only are they becoming older and more independent, but they also seem to be getting worse (or more savvy!) at demanding more ‘stuff’ from us. ‘Mummy can I have…’ is always a phrase I hate to hear every 5 minutes!
In a world where it’s more important than ever to start healthy money habits early, we decided this was the year to get them up to speed with understanding money better and the benefits of saving up and using their pocket money more wisely. It’s finally time for them to take better control of their own spending choices. We figured it would also be nice for them to see the importance of delayed gratification as a result of their hard work and dedication!
We had heard about GoHenry through our nieces who use them and raved about them. GoHenry is a debit card and app that helps kids and teens learn about money from a young age and gives them the power to make smarter financial decisions. Kids get their very own fun debit card (you can pick from a large selection of designs; we picked a hamster and basketball!) and access to an easy-to-use app (our kids don’t have phones but use their iPads to view it). In the GoHenry app, you can manage and set goals, they can earn weekly and extra pocket money by completing Money Missions and you can assign chores to each child. The kids love the fun, interactive videos and quizzes that cover borrowing, saving and more. They like the feeling of earning points just like they do on their favourite games. It definitely has helped give our kids a better understanding of money and the joy of achieving small financial goals.
With a big trip to California coming this summer holiday, the GoHenry app means the kids can save and budget for what they want to buy when we are away. There is going to be lots of temptation, especially at Disneyland, so this way, once they have spent their money, they know they can no longer ask for more. Finn wants Nike Air Jordan trainers, and for Violet wants pink trainers! We can set saving goals and spending limits in the app for these items. GoHenry is free to use abroad and the card is set up to work automatically wherever VISA is accepted. A top tip is to have the kids select the local currency when given the option for payment as it will be converted into pounds at Visa Europe's rate.
We also love how the kids have suddenly had more interest in household chores now that they can earn small amounts of money from us by completing them. These chores include feeding the dog, watering the garden, emptying the dishwasher, making their beds and tidying their rooms. It’s easy to tick these off in the app each time and adjust the tasks as they get older. A happier house all round! It was very exciting the first time they got to use their GoHenry debit cards at the shops - they felt very grown up!
We’ve also set up the app so the kids make a small charitable donation out of their savings to the NSPCC every Saturday. They can explore and track the positive impact of their contributions, educating them in social responsibility and the importance of giving back to the community - something that is very important to me.
You can also invite and add relatives to contribute, which is perfect for holidays and birthdays - no more £10 notes going missing from cards! There is the option to send Gift links to friends and other family members for special occasions via email, text or WhatsApp. Secure payments can be made along with a personalised card and message. There is a Junior ISA option as a one off gift or for setting up monthly payments. The grandparents have already put some holiday money in there for them to spend in America later this month.
What I like most about GoHenry is that it’s a simple solution to our daily challenges and will grow with our kids. It’s easy to use and a good way to keep a close eye on my kids’ spending, especially as they get older. It’s a much more tech-savvy way to make sure they are getting their weekly pocket money paid, avoiding cash lying around or the use of a tracker book and cash tin.
GoHenry has broken the cycle of constant requests for new things and made them more savvy and aware of what they really want to save for and feel empowered with more financial independence. I’m hoping it will make the upcoming summer holidays much easier and less expensive for me too… will keep you posted!
GoHenry is for kids and teens aged 6 - 18 years old.
If you want to sign up for one month free and give GoHenry a try click here by using the code PATON you will also get £10 credit.
*Please note it is then £3.99 a month following the free trial
*This post was sponsored by GoHenry but all photos and opinions expressed are my own