We have been keenly using the free RoosterMoney app to monitor pocket money, chores, spending and savings for a few months now. It is really making a difference to the boys understanding of money and the consequence of spending money. We really love it.
RoosterMoney is app that can be used for children as young as 4, we use it for Dylan 10, Josh 8 and Jack 5. Each child has a pot into which a virtual £5 goes in every week. Extra money from say birthdays or relatives can go into this pot too. And when money is spent its taken away. The actual money is going nowhere it sits in your own bank account, but this allows for great tracking and control of the money the children are getting and then spending.
As soon as the boys spend money I take it off their balance and we know exactly how much is in each of their pots. The boys get £5 pocket money each week for which they need to do a few chores, things like keeping their bedroom tidy, putting dirty dishes into dishwasher, tidying garden, hoovering leaves from AstroTurf, tidying toys away, cleaning car. They have a few jobs!
It was particularly useful during our Cornwall holiday. The boys were given £20 each for holiday spending which I added to their pots. They all did different things. Josh is my middle son, a mirror image of me in looks and personality. He decided to spend his money BEFORE we left, he wanted to go ‘The Range’ where he got swimming shoes, a ball and snorkel.
Jack saved his money for the Buccaneer pirate shop. Formally known as the shell shop in Penzance by the harbour. A treasure trove shop full of shells and pretty things. I bought a purple crab. Jack invested in a pirate hat and a gun. Essential clothing for the boat trip we went on straight afterwards looking for dolphins. We didn’t find the dolphins, but we did find a shark and puffins. My life is complete, puffins are so rare, and we got to see three young puffins bobbing in the sea and they then flew off past our boat, amazing.
Dylan wanted a pirate necklace and a bat and ball set but decided the cost of £5 should be shared between Josh and him as they would both be playing it. Josh agreed as he had maybe £5 left of his £20. This meant Josh’s money was gone but Dylan still had £13. He didn’t spend any more money so got to keep his money in his ever-growing pot.
The boys have different Money Mindsets
Dylan the eldest is very much a saver, his balance bobs around the £100 level and he worked hard to not spend any money to ensure his balance reached £100. His weaknesses are football things and stationery. When I ask what he is saving for he doesn’t know, he is just saving. He wanted to spend £100 on a pair of football boots which I put my foot down to and said no. It’s too much money on a pair of football boots. He re-thought his decision and found some boots for £45 instead and Daddy paid for them. So, he still has his £100.
Josh spends his money as soon as he gets it, his current balance is £10, so positive! He loves to buy stationery. They all adore stationery like me! He likes to buy the latest new toys that kids are playing with, slime, squishies, a ball that counts to 1m bounces (which we couldn’t get to work so it got sent back). I am trying to get Josh to understand saving. The concept of interest payments sparked an interest recently when he realised he would get extra money if he put money in the bank. Okay only 3%-ish (in the best accounts).
And Jack is somewhere in between, he has a balance of £60 but doesn’t really get it! Occasionally he asks for something, like a Harry Potter Broom on our recent visit to Harry Potter World, he chose to use £25 of his money, although he doesn’t really get the value of £25. He does get that money has to be earned and doesn’t just appear magically from the money tree.
We really love the RoosterMoney app and highly recommend it for teaching your children about money. From earning it from chores to spending it, it super handy to use. And if we can teach our children great spending habits this should help set up their money understanding and behaviours for the future. The simple choice of spend only when you have saved is such an important concept to learn from a young age.
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Sign up to Rooster using this link. All the above features are at foundation level which are free. You can try out Rooster Plus for two months for free. This is the next level of teaching finances. You can add interest to savings, set goals and targets and set particular chores for your children to earn money.
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