This post is sponsored by Mydoh. The opinions on this blog, as always, are my own.
I have a teen and tween and they’re both EXCITED to perform their weekly chores. Yes, really! And it’s all thanks to Mydoh, the digital app with a Smart Cash Card that helps kids learn and practice money management.
However, things weren’t always so simple. Let me rewind:
Now that our boys are back in school, I decided it was a great time to re-establish a routine for chores. Together, we decided what they would be responsible for, and how much we would compensate them for each completed task. Generally, the boys had weekly responsibilities, which included washing their uniforms, dusting areas of the home, cleaning their bedrooms and reducing clutter from high-traffic areas such as the kitchen and family room.
From time-to-time we also asked them to help with more labour-intensive tasks, such as washing the car, cleaning patio furniture and sweeping the basement. For these chores we negotiated a higher level of compensation or promised them a trip through a fast-food drive thru (which they often prioritized as payment!). We wanted them to clearly understand the connection between hard work and being rewarded, and we were particularly happy when they chose to set aside their allowance instead of spending it immediately (saving and budgeting 101!).
But – we were disorganized. The boys often claimed they “forgot” about their chores or they would tackle them “later”… and juggling my usual mompreneur duties, I would be lax about staying on top of them. When they did perform their tasks on time, I rarely had cash on hand. Because they couldn’t immediately tie their efforts to a reward, they were less motivated to stick to our agreement.
In short, things were rarely getting done. However, I’ve always known that chores and earning an allowance are a great way to teach kids about financial literacy – I just needed a simple, safe and clear way to help us manage those tasks.
Mydoh is the money management app and Smart Cash Card that teaches kids financial independence and responsibility with the support of their parents. If you have an RBC Online Banking account, signing up is practically seamless! (Mydoh is available to everyone – even non-RBC clients – you’ll just need a government ID to get started.)
There are three ways to make the most of Mydoh:
EARN. It’s easy to create tasks for your kids, track if they’re overdue and know when they’re complete. All in just a few taps! Simply select a task from a pre-populated menu or create your own. These tasks can be set up as recurring (in our home, doing the laundry or dusting), or one-off (washing the car). Set the completion date, enter the payment amount, and you’re done!
The best part about setting tasks is that there is complete transparency between the task and compensation. From my standpoint, I can see if my boys are completing their chores on time, or if they need a nudge. From their point of view, they can clearly see the amount that will be transferred to their account on Pay Day (Saturdays), which motivates them to mark the task as completed. Within the first week of using Mydoh, both my sons completed their chores on time without nagging or reminders, a trend that has continued over the past several weeks!
SPEND. One of the most important aspects of Mydoh is the ability to improve kids’ financial literacy. Independence builds confidence, and making purchase decisions for themselves allows children to gain a better understanding of the true value of money and learn to take responsibility for their own.
Once Pay Day funds are deposited into your child’s account, they can make online purchases up to available limits using their Smart Cash Card (or using Apple Pay if they’re 13 years old +), or, using a physical card that can be sent to your home within 5-7 days of requesting the card. Because it’s a reloadable prepaid Visa card (not a credit card), they can’t spend more money than they have – and you’ll have insight into all their purchases. You can even react with a smiley or not-so-smiley face!
We all know that smart spending takes practice, and with access to a limited amount of funds that they’ve earned with hard work, Mydoh makes it easy for kids to start developing good money habits.
PLAY. When they’re not earning money or spending it, kids can also learn about finances through fun facts and trivia. All of the content on Mydoh Play is age-appropriate and easy to follow, covering a wide range of topics from income to smart spending. I’ve even assigned the money lessons as “chores” to my kids! I can see which ones they’ve completed and track their trivia progress. I see it as a win-win!
Mydoh is hands down the BEST app I’ve discovered in 2021! I’ll be recommending it to all my friends with tweens and teens; it keeps families organized and on top of household responsibilities, teaches kids about financial literacy, and provides a simple, secure way to build a healthy relationship with money. For more information, visit Mydoh.ca.
Parents who sign-up for a new Mydoh account using code LENA10 from now until Dec. 31, 2021 will receive $10 in their Mydoh account*.
Offer Terms and Conditions
*Offer of $10 deposited in your Mydoh Wallet with one-time use promo code between Oct 4/21 and Dec 31/21. New Mydoh users only. Apply promo code when prompted on initial sign-up. Offer to be added to your Mydoh Wallet within 1 day of sign-up. Offer can be changed or withdrawn at any time.