Our approach to pocket money has been haphazard to say the least. We had no fixed system and regularly lost track of what we had handed over. I have written before about the pressure on tweens and teens to spend money but wanted to explore what I could do to introduce a more structured approach.
It’s too late for my 18 year old because she obviously handles her own finances and my 15 year old is on the verge of earning for herself in part-time jobs. So, that just leaves my 11 year old for me to experiment on!
Pocket money and goHenry
goHenry is both a mobile app and pre-paid Visa card. It is an easy way to pay pocket money to children aged 6-18 years of age. As the parent, you load the card with money and can set limits on how much is spent. The important points about using a goHenry card are:
- It is not free. Once your free trial is over you will be charged £2.49 per month. However, this comes out of the parent’s account not the child’s and for this you get additional features that a standard (free) debit card from a bank does not give you.
- The app is very useful. You can use it as an electronic sticker chart for tweens! If they carry out set tasks and chores they get rewarded in cold hard cash on their goHenry card for them to spend as they like. Let’s face it – anyone over 8 is pretty unimpressed with stickers so this works!
- It is available to children from 6 years of age. This is much younger than a bank debit card.
- You get an alert when your child has used the card. This happens within seconds of the purchase and tells you how much they have spent and where! This is very useful for younger tweens and is not something that a bank debit card provides.
- There is an app for your child to use as well. This introduces them to money management and on-line banking which is something that they will use all the time when they are older.
- The apps are clear and easy to navigate. My 11 year old had no problems getting to grips with it and even I could use it with no problems.
In our opinion, the benefits of managing pocket money, rewarding tasks and managing spending with the goHenry prepay Visa card and app are worth the small monthly charge. My 11 year old loves hers and relishes using her own PIN like her big sisters!
Sign up for go Henry special offer
If you sign up for your own goHenry card here you can get a free customised card (usually costs £4.99).
This is a collaborative post but the thoughts on using the goHenry card are our own. If you sign up to goHenry using the link in the post we will receive a small fee.