Shaniah has recently turned 5. The topic of conversation at the moment is pocket money and whether or not Shaniah is ready to start receiving it.
We thought long and hard about it, about whether she was ready for her ‘own money’ and also how much we should give her. Who knew something so simple could leave us so confused?
Whilst scrolling through endless hours of Google hoping to find the answer to the many questions that I had, I came across a company called Gohenry.
Gohenry is a prepaid card for children. The makers of Gohenry are on a mission to help millions of children be good with their money. Not by sitting them down and telling them how to spend their money but by giving them a sense of independence in the form of their own card and letting them spend their money on whatever they see fit. Sure that means that some mistakes will be made by the child but mistakes are what they learn from and eventually they will be savvier with their money, they will learn that money isn’t free-flowing and that it can and will run out.
Although the children believe that they have the reins when it comes to the money on their card, parents do essentially have the upper hand and are able to intervene should they feel the need.
How it works:
Simply open an account through their website, this takes minutes and your child’s card will be with you within seven working days although I found it arrived much sooner.
You are able to set up weekly pocket money which will automatically deposit onto your child’s card on whatever day you choose. There is also a handy guide for how much on average a child of each age should get in pocket money, which was a massive help for me! There is also the option to top up your child’s account at any given time along with the option to set weekly tasks for your child to complete in return for extra money each week.
The weekly tasks have been a massive success for us! We’ve set a task for Shaniah to finish all her lunch for the week and if she does she will get an extra one pound on top of her pocket money for the week.
With the parent account, you can take control of up to four children’s accounts and this is where you fund their cards from. This is where you can set single and weekly sending limits along with the places where you are able to choose where your child is able to use their card for example; in-store, online or at an ATM. You are also able to temporarily block and unblock the card with a touch of a button.
One of the many things that I love about our gohenry account is that I receive phone notifications of each purchase Shaniah makes, it tells me how much she has spent, in which shop and where. Perfect.
Shaniah absolutely loves the independence that this card brings. I love the idea of having to do tasks in order to earn even more money as she has learnt that you need to do things in order to get rewarded and that money isn’t never-ending. She loves the fact that she has her own money and if there is a toy that she really wants she will save and do her weekly tasks until she is able to purchase it, which I think is great!
If you want to teach your child money skills and you’re interested in grabbing a gohenry pre-paid debit card, and the idea of having parental control over it is something that you’ve been looking for following this link and signing up will give you £10 credit for FREE once you activate your account.
Disclaimer: The link is a referral link, we will both recieve 10 pounds each to our account once you activate your account. All opinions are my own and I wouldn’t recommend something if I didn’t truly love it.