This post is sponsored by Mydoh. The opinions on this blog, as always, are my own.
It’s been just about a year now that we’ve been using Mydoh, the digital app with a Smart Cash Card that helps kids learn and practice money management. Without hesitation, I’d say it’s one of the most useful apps our family has downloaded! It keeps us organized and on top of household responsibilities, teaches my sons about financial literacy, and provides a simple, secure way for them to build a healthy relationship with money.
Here’s what we love most:
1) EARNING IS STRAIGHTFORWARD. My kids just do the chores, mark them as complete, and they’ll get paid – there’s no red tape or runaround from either kids or parents. I can easily create tasks for the boys, track if they’re overdue and know when they’re complete. All in just a few taps!
Over the past few months, the boys have said that knowing how much they’ll be compensated on Pay Day (Saturdays) motivates them to complete the chores, especially since the payment is automated once tasks are marked as complete. Transparency and accountability are key to the Mydoh app and one of the main reasons it’s working for us!
2) MYDOH PROMOTES FINANCIAL LITERACY. Once the Pay Day funds are deposited into my sons’ Mydoh account, they can make online purchases using their Mydoh Smart Cash Card (or using Apple Pay for kids aged 13+), or in-store with their physical Smart Cash Card. These opportunities to make purchases themselves are important in building a better understanding of the true value of money. Plus, since I have insight into their spending via the Mydoh app, I can also react to their purchases with an emoji to further guide their habits.
3) PLAY-BASED LEARNING. When they’re not earning money or spending it, the boys enjoy learning about finances through fun facts and trivia. The content on Mydoh Play is age-appropriate and easy to follow. It covers a wide range of topics from income to smart spending! There are also tons of resources and great educational articles for kids and teens on the Mydoh blog.
4) FURTHER MOTIVATION THROUGH GOALS. New to Mydoh: kids can now set a savings goal, with a target amount to save and a deadline to achieve the goal! As my boys earn and save, they can visually track their progress against their current balance. Once their goal is reached, they receive a celebratory message in the app! Reid is currently saving for baseball tickets and is hoping to earn enough money before the end of summer. Go Reid, go!
5) CONSISTENCY IS KEY. Mydoh is one of my family’s most-used apps! Using it consistently helps me stay on top of my boys’ household responsibilities – and how effective they are at completing them on time. For my boys, Mydoh provides a simple and secure way to build a healthy relationship with money. As my sons are 12 and 14, I know we’ll use Mydoh for years to come!
Signing up to Mydoh is easy! If you have an RBC Online Banking account, signing up is practically seamless or non-RBC clients can sign up with their government ID. For more information, visit Mydoh.ca. Download Mydoh from the AppStore or Google Play here.
BONUS: Parents who sign-up for a new Mydoh account using code LENAL10 from now until December 31, 2022 will receive $10 in their Mydoh account!*