At their growing age, teenagers often look forward to pocket money as they want to spend money independently. The first week of every month is the most exciting time 🤩 as they get pocket money from their parents. It is very important to teach kids the value of money right from the starting age and what better way to do so than to provide them pocket money.
The pocket money solution plays a crucial role for parents and kids, cultivating money-saving habits in their little ones. It is pretty easy and convenient as parents can add multiple profiles for their kids or establish regular pocket money transfers. Additionally, they can create some household chores to give more pocket money and invite their relatives to contribute. Parents can also shape their spending habits if they define their daily and weekly spending habits or decide where their kids can spend money.
One of the modern ways of establishing proper control and independence for kids is the Fyp pocket money solution. This will allow parents to develop the value of money and inculcate the practice of completing chores on time. Apart from this, they can send pocket money, track their goals, monitor them, or block their cards if it is lost.
Gone are the days when parents gave their children cash as pocket money. It is the time of digital money through which both the child and parent will have access to the app. Parents will send money to their kid's wallets and the kids can use it through mobile wallets or debit cards. The solution also comes with some features which allow parents to cap their daily spending limit.
Cap can be put on the expenses across different categories, including shopping, entertainment or drinks, etc. These features enable parents to ensure that their kids don't overspend their pocket money. Therefore, Fyp cards are the best for providing the best digital pocket money solution to the kids.
Kids can avail several perks here to understand the concept of responsible spending. For example, they can make better spending decisions regarding pocket money at a young age. While spending, they will receive real-time spend notifications. Moreover, they can make some savings habit by setting multiple objectives.
⭕Features of Virtual Money Tracker: Kids can also view their spending and saving habits in history or statements. Parents are allowed to view their achievements and milestones or even celebrate them on the progress page.
⭕Set Periodic Guidelines: Parents can set some allowances through which money can get deposited into their kid's account on a specific date or day. Additionally, they can also send money whenever they wish to.
⭕Guide or Suggest Kids Smartly: Parents can encourage their kids to save money for the future or donate towards something they feel passionate about. They can also divide the allowances in various banks under a part known as split allowances.
⭕Add More Guardians: You can get another parent or guardian on board if you share your credentials and allow them to track the allowances given to kids. It would help them to keep track of their kid's objectives.
These solutions indeed make life easy for kids and parents. But, at the same time, it brings a sense of ownership to children, making them more aware and mature.