- What is RoosterMoney
- How does RoosterMoney Work?
- The RoosterMoney App
- Notable RoosterMoney Features
- How much does RoosterMoney Cost?
- Advantages of RoosterMoney
- Disadvantages of RoosterMoney
What is RoosterMoney?
RoosterMoney is an app and basic bank account for children that encourages saving, spending responsibly and even the ability to support charities. Parents have full control of the app and can incentivize children by creating goals or offering payments for certain tasks. Many parents now also use RoosterMoney to issue pocket money to their children. The service includes a debit card to allow children to spend in stores or online. However, this is 100% controlled by the main parent account.
RoosterMoney are a well-established company, especially in the United Kingdom. The product was created in 2012 by a group of parents with one goal in mind. To enable children to learn the value of money and how to budget and save from a young age. Something which is not taught at school!
RoosterMoney works though an easy sign up process. As a parent, once you have created the account, you can then add a child or multiple children and set up each account to suit your needs. RoosterMoney is currently available in the following countries:
How does RoosterMoney Work?
The design of the RoosterMoney app is very straightforward to use. Parents are presented with a dashboard where they can control their Children’s accounts. This includes setting up saving goals, weekly budgets and approving transactions.
As RoosterMoney is designed to prepare children for later in life, RoosterMoney allows children to keep on top of their finances by offering itemized statements just like a real bank account. This is a vitally important life skill that children can learn gradually through using RoosterMoney. After a few months of using RoosterMoney most children have figured out how debits and credits work. Something, that is not taught in schools from an early age!
The RoosterMoney App
RoosterMoney works via an app. As a parent you first need to sign up for the service. You can do so here and get 1 month free! The app is available for Android and iOS. Parents have access to a main dashboard from which they can control multiple sub accounts designed for children. It is from here where goals, interest and chores can be set up as well as controlling debit card transactions.
Notable RoosterMoney Features
The goals feature is a way to create financial targets for your children. Once set up within the app, children can then decide how to allocate to their savings. Each child can have a maximum of 6 goals active within the RoosterMoney app. Once a goal is reached, the money can then be accessed and used via the RoosterMoney debit card.
This feature allows parents to create a list of common chores that occur within the household. Once a chore is complete you can approve the transaction and the amount you have previously set will go directly to your child. You can also add ad-hoc chores throughout the week directly from the dashboard.
How much does RoosterMoney Cost?
The basic RoosterMoney plan is free of charge with limited features. The premium plan costs are highlighted below. You can trial the premium plan free of charge to see if you think the cost justifies the service.
|PLUS||£1.99 per month or £14.99 per year|
|RoosterMoney Debit Card||£24.99 per year|
Additional cards for children in the same Rooster family account cost £19.99/year each.
Advantages of RoosterMoney
- Easily set up pocket money payments either by day, week or month.
- Full control and access to statements.
- Easily add chores into the app to enable your children to earn extra cash.
- Take pictures of items to use as savings goals within the app.
- Full parental control on every aspect of accounts.
- Interest rates set by parents.
- Simple to use RoosterMoney debit card.
Disadvantages of RoosterMoney
- Free plan is very limited.
- All children will require access to a smartphone or tablet device to use RoosterMoney.
This is a great tool for educating kids about financial responsibility. As adults add or subtract money, kids can see their balance grow or shrink over time and can work toward goals in a visible way. The line chart that tracks the ups and downs of each pot’s balance provides another way for kids to understand their finances. Families will also appreciate that they can choose whether or not to provide the Spend and Give accounts. They may start younger kids with a single account and then add on as kids grow older. The overall interface is streamlined and allows users to focus on the task at hand. There are occasional tasks and actions that aren’t as intuitive, however. For example, the option to switch from a parent account to a child account is located in a different place than the one to switch from a child account back to the parent. Families who are looking for an allowance tracking tool will likely find all that they need in RoosterMoney Allowance Manager. As a bonus, the free account feels just as polished as the Plus version. Those who don’t yet need chore tracking or other premium features won’t feel the need to upgrade simply to have a more positive experience.
• Families can talk about saving in general and with apps like RoosterMoney Allowance Manager. Why should kids save their money? What might they save for? How does interest work?
• Discuss charitable giving. Does your family make donations? How do you decide what and where to give?