Are you looking for ways to teach your kids good financial habits while educating them about the value of saving and spending money? Now, do you want to do it with an app where you can send funds over to your children and monitor their spending? If you said yes, then Mydoh is for you.
Mydoh is easily the best app I’ve seen on the market that allows parents and kids to talk about money in a fun and meaningful way. While some people think using an app to talk to their kids about money is counterintuitive, I think it’s one of the best ways to connect with children of all ages since it gives kids the independence they crave while allowing parents oversight.
Read my Mydoh review now and find out how the app gives kids the independence they crave while allowing parents oversight.
What is Mydoh?
Mydoh is a money management app and Smart Cash Card, which comes with a digital and physical Visa* Prepaid Card. It allows kids to earn and spend money while learning values that will help them build a strong financial foundation.
The app is backed by the security and trust of RBC, but it’s available to customers of any Canadian bank.
Mydoh was built to create a more accessible, inclusive, and effective financial ecosystem for all Canadians. It allows children to learn important earning, saving, and spending habits that will help them manage their own money for life.
When you sign up for a Mydoh account, up to two parents and five kids can participate at the same time. Sign up with promo code ‘SMART15‘ and get $15 in your account.
How does Mydoh work?
Mydoh is broken down into two accounts. You have one for parents, and one for kids.
Under a parent account, you’d be able to manage all of the activity including:
- Setting up tasks and allowances
- Sending your kids money
- Tracking earned and spent money
- React to spending decision
- Lock and unlock the included Mydoh physical card
For kids, they’d be able to do the following under their account:
- Manager their tasks
- Mark tasks complete
- Spend money earned with their virtual or physical Smart Cash Card
- Track money earned and spent
- Set up savings goals
- Learn money basics via games
Essentially, Mydoh is a virtual version of giving your kids an allowance and extra money when they perform tasks. While some parents are against the idea of giving their kids money to do chores, it’s similar to a job when you think about it. You perform a task, and you get paid. That’s how real life works.
From the parent’s perspective, they can send their kids reminders to perform tasks directly through the app. When kids perform the tasks assigned to them, they’ll get paid on Pay Day, which is every Saturday.
Since kids get a Smart Cash Card, which is basically a prepaid Visa card, they can make purchases whenever they like. At the same time, parents can see what purchases have been made and limit how much is being spent.
How much does Mydoh cost?
A Mydoh subscription is free for the first 30 days for two parents and up to five kids. Once your trial ends, it’ll cost $2.99 per month.
The 30-day free trial offer is activated on the date of completion of the Mydoh mobile app account registration process. After your free trial offer ends, a monthly subscription fee of $2.99 will be taken out of your Mydoh Wallet. You can cancel any time by contacting Mydoh. Mydoh reserves the right to cancel, modify or withdraw this offer at any time.
Admittedly, some people will find that price to be a bit much when they could just talk to their kids about money for free. But here’s the thing, kids don’t always respond to their parents well, and as a parent, you may have to constantly have to nag your kids to get tasks completed. The time you waste is worth much more than $2.99 a month.
Also, don’t forget that there’s a Mydoh physical card included that allows parents to oversee what their kids spend money on. That alone is likely a better value than just giving your kids a supplementary credit card.
Educating your kids about financial literacy with Mydoh
In this Mydoh review, I’ll cover the different tools that make learning about money more fun. Not only can kids see their money grow, but they can learn about different financial concepts, such as the cost of living and debt.
Kids can set up savings goals within their Mydoh account. For example, they can set up a savings goal for new shoes. While this concept is pretty straightforward, it’s more fun with the app.
Since every dollar spent will lengthen the time for kids to reach their goals, kids are forced to think about saving instead of spending. They’re essentially learning money concepts such as needs vs. delayed gratification.
Having a visual representation in the app goes a lot further since they’ll be promoted to save instead of spending impulsively.
Mydoh play is where kids can learn about financial literacy through quick and easy to understand trivia. By introducing your kids early to money concepts, they can take what they learn and apply it to real-life situations that occur as they reach adulthood.
Since the facts are short, it’s a fun way to get kids to think about money. Mydoh covers various topics such as budgeting, housing, and the psychology of money. What’s interesting is that parents can see which lessons their kids are on or have completed. Since you’ll know they’ve recently read about certain topics, you can open up the money conversation as a family.
To be honest, there really isn’t a Mydoh alternative. Sure, there are some budgeting/money management apps such as Mint and YNAB, but those are more aimed at adults, and they need to link to your bank account.
There are also a few prepaid credit cards that give you spending insights, but those are also aimed at adults. Mydoh was built specifically to allow parents to teach their kids about money through an app while providing a prepaid card to which money can be sent to.
My Mydoh review is positive. In my opinion, no better app helps parents teach their kids about financial literacy. Having a Mydoh Smart Cash Card is essential since it allows kids to spend money while giving parents oversight. Of course, since the app is always encouraging kids about financial literacy and saving, parents can sleep well knowing that their kids are building a solid financial foundation. Sign up with promo code ‘SMART15‘ and you’ll get $15 for free.
- $15 Welcome bonus when using promo code ‘SMART15’
- subscription-free for the first 30 days
- $2.99 monthly fee
- Visa prepaid card included
- Savings goals