Wednesday, 11 March 2015

The Cash Card With Parental Controls. Try goHenry‏

If there's one thing that I will tell my younger self, it would be the importance of being armed with excellent money management skills. And already, I have started talking to my children ages 8, 7 and 5 years on the importance of having good money management skills. This on-going (note I use the word 'ON-GOING'), because changes as we get older and this is applicable in all facets of like.

I came across this rather unusual concept called goHenry. An excerpt from their website describes it as a new way for young people to develop great money habits; we're not a bank, and we don't think like a bank. We think that experience in a safe environment is the best way to learn, and that learning about money early should be fun and should set children up for life.
A small group of friends and parents who just wanted to help our children and teenagers understand how money works in the modern world.

And to be honest, we struggled. Our children borrowed our cards to spend online, pocket money using cash was often a source of family debate - who'd had what, for what, and when.

Their main objectives are:

  1. A safe environment where our own children and teenagers can learn about earning, saving and spending by doing it for real themselves, but with our oversight and guidance
  2. In a way they understand and enjoy - and that meant creating great web and mobile apps (though it works very well without the app too)
  3. Something that makes our lives easier!

In a nutshell, goHenry is an online account for you, and a linked account for each of your children. All managed through beautiful mobile and web apps. Your children get their own goHenry pre-paid card with parental controls. You set the rules and limits, can allocate pocket money automatically or set chores for your children to earn extra money. Your children gain independence and learn by doing, all under your watchful eye. For more information visit their website at goHenry

Have you tried goHenry before or you are an active user of this new money spending concept? I would love to hear from you. Do you think that there's something much better than goHenry that we should know about?