With financial literary courses becoming mandatory in schools around the country, many parents are getting a head start and teaching their kids how to budget, save, and manage their money. The earlier you educate your kids about budgeting and savings now, will better prepare them in the future. That could mean higher savings, less debt, and the ability to make better financial decisions overall.
It’s clear that teaching your kids about money is important, but how do you make budgeting for kids easy to understand?
Moola is a gift card app that is a really useful tool to help teach your kids about budgeting and managing money. It’s safe, secure, and totally transparent. It gives your children the financial freedom they desire, while allowing you the ability to see exactly where and how they are spending their money.
How Can Moola Help Your Kids Budget?
1. Get Rid of Your Cash
Cash can be problematic for kids — it’s easy to lose, get stolen, and can be spent on things you do not wish your kid to have.
It’s far more tempting to spend a $20 bill when you see it staring back at you every time you open up your wallet, even for adults. The same holds true for kids, often to a greater extent due to their lack of impulse control, which makes frivolous cash spending even more likely.
Plus, kids aren’t always the most responsible with their items. This translates to losing and misplacing money more often than they’d like to admit.
Moola eliminates these issues by turning their dollar bills digital. As long as they can keep track of their phone, then they’ll always have their Moola wallet right at their fingertips. Even if something does happen to that smartphone, they’ll be able to access their Moola account on any device so their money is not lost.
2. Track Their Spending
Another problem with giving your child cash is you can’t keep track of where that money is going, and neither can they. Are they spending all their money on candy or pizza? It’s impossible to know when you give your child cash each week.
With Moola, you can see exactly where your child’s money is going. Better yet, you can make it so they can only spend their money at the places you want them to spend it at. You can rest easy knowing their money is being spent on items you approve of, and they’ll enjoy the freedom of getting to explore their favorite stores.
3. Keep Money Safe
Digital wallets are a lot more secure than carrying around cash or plastic in your wallet. Most kids don’t have credit cards, and debit cards and cash can easily be lost or stolen.
Moola uses 2-factor identification and requires a unique passcode so you can rest assured that your child’s money is safe and secure.
Plus, cash and cards are one more thing for your kids to keep track of – the same kids that struggle to find a pair of matching socks in the morning. With Moola being right on their phone, they’ll have no trouble keeping track of their money.
4. Make Life Easier
Let’s face it, cash is inconvenient. You have to leave your home to get more of it, you can’t use it online, and there’s risk of withdrawing large sums, especially late at night. . Plus, with the state of the world right now, many stores are refusing to accept cash so your child may not even be able to use it.
Moola can make things a bit easier for you. No more leaving your home, sitting in traffic, or looking for a parking spot. With the Moola Marketplace, you can buy gift cards right on your phone. With the gifting feature, you can send gift cards to your child’s Moola account with the click of a button.
In cases of emergency, such as they ran out of gas, need food, or transportation, you can top your kid’s account with a single tap and they will receive the money almost instantly. Moola has hundreds of brands from gas, grocery, restaurants, ride sharing, and more.
5. Empower Your Kids
Your kids want freedom with their money, and you want to support them as much as you can. Moola can teach your kids valuable budgeting lessons by helping them see exactly how much they’re spending and what they’re spending their money on.
They’ll learn that they get $50 to spend on clothes, $30 to spend on food, and $20 to spend at the movies for the month. When that money runs out, it’s gone.
If they want to save up for a bigger purchase, they can store their gift cards in their Moola wallet. They can easily see how much money they’re accumulating over time, and they can learn a valuable lesson about how to save for the things they want.
These lessons are essential to becoming responsible, and financially independent adults. The younger your kids are when they learn these lessons, the better off they’ll be.
How to Manage Your Kid’s Money with Moola
Ready to start your kids on their money management journey? Here’s how to make Moola work for you and your family.
1. Download the App
Download Moola on yours and your child’s smartphones.
Once you download Moola, show your child how it works and all features they can use such as the digital wallet, the Moola Marketplace, gifting, check balance, store finder, and more. Here’s a quick video to familiarize yourself with how to use the app – it may be helpful to watch this one together.
2. Choose the Gift Cards
Browse through the gift card categories and decide what gift cards you’ll buy for your child. It’s a good idea to choose a gift card from each category, such as one for food, one for clothes, and one for something fun like the movies or video games.
Allowing your child in on this process will make them feel more empowered on where they get to spend their money, while still only choosing stores that you’re comfortable with. This way you’ll know exactly where your child’s money is going, and whether or not that’s appropriate for them.
3. Send the Gift Cards
Once you decide on the merchant gift card you’ll buy, decide how much you want to give them per gift card per month. Then, buy the gift cards on your account and send it to your child’s Moola account. All you’ll need to do this is the email address attached to your child’s account.
Simply type in their email address into the card’s recipient space and it’ll be sent directly to your child’s Moola account.
You can also buy the card on their account instead (i.e. use your payment information directly on your child’s Moola account). It’s up to you which way you choose.
That’s it! The gift cards are now ready to use online or in-store.
4. Continue the Education
Moola is a convenient and versatile budgeting tool for both parents and kids. But, much like cash, it does require continued education for how to manage that money. For some kids, receiving digital money can remove a layer of tangibility that makes spending money more tempting.
We recommend using Moola as an opportunity to teach your kids about how to manage their money .
It may take them some time to get things right, but that’s what this journey is all about!
Budgeting for Kids is Easier with Moola
Give your kids the opportunity to learn and grow with Moola. It can be a valuable tool to learn how to make better decisions around money – lessons that can last a lifetime.