Help Your Kids Manage Their Money With Tykoon!

Teaching your kids financial skills and responsibility is one of the greatest gifts that you can give them since they’ll carry those habits with them throughout their lives.  For example, teaching children how to save and how to be charitable when they are young, will help them to be better stewards of their money and supporters of their community when they are older.

I was recently introduced to the Tykoon website that gives kids the tools they need to develop stronger financial values.  Parents setup accounts for their kids then add tasks or chores for the kids to do in return for privileges, an allowance or other monetary rewards.  The system tracks real money and inspires kids to take pride in their hard work as they see the rewards grow.

Our kids are expected to help out with certain chores around the house like cleaning their rooms and clearing their plates after dinner in return for TV time, getting to play on the Internet and other privileges.  If they want things that aren’t included in our regular budget then they are encouraged to do extra chores in return for cash that they can save up to buy the things they want.  Things work differently in different families and I absolutely love that the Tykoon app allows you to create goals and chores for your kids based on your family’s financial values.

With five young kids it is often difficult for us to keep track of whose turn it is to do what but the Tykoon website makes it very easy to see who has been keeping up with their chores and who hasn’t.  I really like the printable calendar style chore chart and I think it’s fabulous that the kids each get their own login so they track their own progress and manage personal wishlists of the things they’re saving up to buy for themselves.

It’s super easy to sign up, you can use your Facebook login if you want faster access, and they even have an iPhone app – since my kids rarely let me touch my phone anyway, that’s just perfect!  Another really cool feature is that you can invite your friends and family and if five of them sign up for at least a month you get a $25 Amazon gift card.  It’s up to you if you want to share that with the kids or not!

Disclosure – I participated in this campaign on behalf of Mom Central Consulting for Tykoon. I received a promotional item as a thank-you for participating. All thoughts and opinions are my own.

 

6 Ways to Teach Your Kids the Value of Money

As parents, it is important that we teach our children many things, but one of the most critical things we need to teach them is the value of money.  Here are a few tips that you can practice to help educate your kids about managing money and personal finance:

1) Introduce them to money at a young age.

Children learn best through observation and repetition. Introduce your kids to the concept of money as soon as they can count.

2) Teach your children how to make wise spending decisions.

Spend time to teach your children the differences between their wants, needs and wishes. Once they are able to distinguish these three from one another, they will be able to make wiser spending decisions.

3) Set goals.

Take the opportunity to teach your children to set goals each time they want a new video game, doll or other toy. By setting goals, your kids will be able to learn the value of both saving money and of being patient.

4) Open a savings account for each child.

Take your children to the bank and open a savings account for each of them. To encourage your kids to save a portion of their allowance, offer to match some of their savings. You could, for example, contribute $1 for every $5 they put in the bank.  Don’t say no if they want to withdraw some of their savings in order to purchase something. Doing so might discourage them from putting money in their bank account and they need to learn how to make responsible choices with their money.

5) Teach your kids how to work for their money.

Money doesn’t grown on trees—and this is something your children need to learn at any early age. Help your kids understand that money is something that is earned through hard work. Teach them to complete age-appropriate household chores such as setting the table for younger kids and mowing the lawn for your older kids.  When I was young my mother actually paid me a penny for every weed I pulled – they had to have the whole root attached or I didn’t get paid!

6) Encourage saving.

When giving your kids a daily or weekly allowance, give them small denominations in order to encourage saving. It will be easier for them to set aside some cash if they have several $1 bills instead of one $10 bill.

You may have great financial habits, but that doesn’t mean your kids will automatically know what to do when holding cash in their hands. Teach your kids the value of money at a young age, and they’ll definitely thank you for it later.

Photo Credit: iClipart