Manage your children’s finances efficiently

1. Manage your children’s finances efficiently Cultivate smart spending habits in your child by tracking and managing their finances with a pocket money solution Request A Demo

3. A safe, simple, and smart way of managing your children’s finances • Pocket money solution is a modern way of establishing the right balance of control and independence for your kids. This solution enables parents to view all their kids’ finances along with allowing them to set pocket money, tracking spending, monitoring savings goals, transferring funds, and locking cards. • Both parents and child have an app on their phones. Parents can simply add money to the wallet which they intend to give to their kids. Once the money is added, the child can use it like a normal debit card or a mobile wallet. • This solution also comes with a feature which enables parents to cap daily spend limits on the application. Moreover, it also allows parents to put a cap on expenditures across various categories such as shopping entertainment, drinks, groceries, etc. These features help parents to ensure that their kid is not overspending his/her pocket money.

4. What can parents achieve with it? • The pocket money solution plays a crucial role for parents to cultivate money-saving habits in their kids. Let’s have a look at what else parents can achieve with a pocket money solution. • Ease and convenience • Add multiple profiles for multiple kids • Establish regular transfers of pocket money • Make one-off payments instantly • Create tasks for kids to earn more pocket money • Invite and enable relatives to contribute • Shape your child’s spending environment • Define daily and weekly spending limits • Decide where your kids can spend money • Block and unblock cards quickly • Get real-time notifications

5. Here’s what children can achieve • Parents are not the only beneficiary of pocket money solution. Let’s have a look at what children can achieve with a pocket money solution. • Responsible spending • Take better spending decisions with pocket money solution at a young age. • Receive real-time spend notifications • Track transaction history • Make savings a habit • Set multiple visual savings goals • Keep a track of your progress • Unlock money by completing saving goals

6. Advanced features of pocket money solution • The robust pocket money solution comes with a cluster of robust and advanced features that makes it easy for parents to guide, view, and manage their children’s finances. • A pocket money solution can be used as a virtual money tracker as well as a chore tracker.

7. Features of a virtual money tracker • Set periodic and ad-hoc allowances • Guide and suggest kids to spend smartly • Add more guardians • Set compound interest rates on child’s savings • Celebrate your children’s progress and achievement

8. Chore tracker • Define chores for kids • Define chores as per the routine • Chores management by children • Photo proof • Flexible allowance options

9. How does it work? • To understand the working of the pocket money solution it’s important to bifurcate its workflow into two i.e. for parents and for children.

10. For parents • Firstly, the parents add a child to the solution. They can either add one or multiple children in the solution. After that parents set allowance amount to be given to children. Parents can also set limits to the allowances as per their wish. Moreover, they can also impose interest rates on the allowances. At last, parents can monitor and track their children’s spending on the app itself. • For children • Children can receive money from their parent’s wallet in the form of allowances. Then children can spend that money for various purposes. Children can also view the reports and analytics which provides them with data like their total spending in various segments daily, weekly, and monthly. Children can also create various goals for saving money and achieving extra rewards. At last, children can complete chores given by their parents to earn extra rewards.