Hello Mydoh!
Parenting is like trying to herd cats, except the cats are tiny humans with an insatiable appetite for new things and a knack for draining your wallet faster than you can say “budget.” As a parent, you know that teaching your kids about money management is vital for their future. But how do you turn those adorable little spendthrifts into savvy savers without losing your sanity in the process? Enter Mydoh – the superhero sidekick parents need to teach kids about earning, budgeting, and setting saving goals.
The Trouble with Tooth Fairy Money
Let’s face it – tooth fairy money doesn’t grow on trees, even if it does seem like it when you’re a kid. My little ones were flush with cash from their tooth fairy visits, but what was missing was a sense of responsibility. Whenever a new shiny toy or gadget hit the market, my kids magically developed a few wobbly teeth to tap into that sweet fairy gold mine.
But with Mydoh, the tooth fairy was finally off the hook. I used the app to set up a virtual wallet for Ben, and whenever he received tooth fairy money or birthday cash, I could send it to him straight in the Mydoh app —no more lost dollars or tooth fairy overdrafts – just a tidy digital record of his newfound riches.
The Budgeting ‘Talk’
As any parent knows, the “budgeting talk” is about as much fun as pulling teeth (pun intended). But with Mydoh, we turned that chore into an engaging and interactive activity. I sat down with Ben, who opened the Mydoh app, and helped him divide his money into three buckets: General Savings, Savings Goals, and Spend. Think of these buckets as the holy grail of budgeting for kids.
The Savings Goal bucket was where we set the stage for the real magic. I explained to Ben that it was his treasure chest for saving up for the big-ticket items he craved. I let him choose what he wanted to save for – in his case, it was a scooter. He was over the moon, and so was I, because suddenly, Ben had a goal that went beyond “buy everything now.”
Setting Savings Goals
Mydoh makes setting savings goals a breeze. We entered the price of the scooter into the app, and voilà – it showed how much money Ben still needed to reach his goal. Now, he has a visual representation of his progress, with a thermometer-like indicator showing how close he was to his goal!
But there was a twist. I encouraged Ben to save some of his money for a rainy day, just in case another new gadget craze struck the world of toys. This helps teach him that financial security was as important as splurging on a dream toy.
The Great Chore Revolution
Mydoh also helps kids learn about money through earning. Instead of doling out allowances for free, I tied earnings to his willingness to help around the house. Suddenly, the prospect of making his bed and doing the dishes was more appealing than ever.
Mydoh makes it easy for me to assign a different value to each chore, and it was up to Ben to decide which ones he wanted to tackle. He even started negotiating prices for the juiciest tasks, like raking the leaves or setting the table. The best part? He learned that money was not just handed out; it had to be earned. Hello, future responsible adults!
The Art of Delayed Gratification
If you have ever seen a child’s eyes light up at seeing their favourite toy in a store, you know how challenging it can be to instill the concept of delayed gratification. But with Mydoh, Ben chose to wait and put his money towards his goal, eagerly watching his savings grow.
As the days turned into weeks, he developed a newfound appreciation for patience. He would check the Mydoh app religiously, add money to his Savings Goal and see that savings thermometer inch closer to goal achieved. The joy of anticipation became a more powerful motivation than the fleeting thrill of an impulse buy.
Celebrating Small Wins
To keep Ben motivated, we celebrated his small wins. We threw a mini dance party when he reached 25% of his goal. At 50%, we had a movie night. And when he finally hit 100%, he got his coveted scooter – with a big lesson about saving, budgeting and achieving his goals.
Mydoh Makes it Easy
Teaching kids about saving, budgeting, and setting goals does not have to be a tedious chore; it can be a fun and engaging family adventure. Mydoh made it easy to turn our kids into budgeting buffs and be well on their way to mastering the art of responsible money management. So, if you’re a parent who’s tired of chasing after elusive tooth fairy money or playing the role of the budgeting bad cop, give Mydoh a try by clicking HERE and use the code DAVID15 to get a $15 credit. Your kids will thank you – and so
will your wallet!