Teaching your kids the value of money with Spriggy
My son Thomas is 8 years old and so far I have managed to get away with not giving him weekly pocket money. However, I have been a bit slack on dishing out the chores, so really I am the one losing out!
When Beyond Bank recently announced that we were going to trial a new app called Spriggy to teach children about the value of money, I thought it was the perfect opportunity to put something in place.
I signed up online which was a quick and easy process of filling in my details, my child’s name and the device we would be setting up the app on. As an added bonus, Beyond Bank is covering the $30 annual fee when you use the code ‘BBASOCIAL‘.
I decided not to tell Thomas I had signed him up yet as I wanted him to get a surprise when the Spriggy card arrived in the mail a week later! He happened to check the letterbox that day and was very excited to receive a letter addressed to him and to find that there was a prepaid card inside with his name on it!
From there we had to download the Spriggy app to my phone and to Thomas’ iPod. I then activated his card and set up a direct debit from my bank account to be available within the app for Thomas’ pocket money.
The options available within the app include:
- Set up pocket money – this enables you to set up a weekly or fortnightly amount to go on your child’s card.
- Pocket money – this shows you the balance of your child’s pocket money and if they have moved it to one of their savings goals.
- Savings Goals – this shows you your child’s savings goals and how much they have saved so far.
- Spriggy Card – this shows you the transactions on the card.
Thomas didn’t believe me when I told him that he would be able to use his card to check his balance or to purchase something when he reaches his savings goal, but he was very excited that Spriggy would enable him to do this.
After setting up the Spriggy app, Thomas was immediately motivated and asked me what jobs he could do around the house to earn money. His regular job is emptying the dishwasher, but I gave him a whole list of other jobs and told him that if he completed them all and any others I asked, by the end of the week he would have $10 in his account.
Well, I have never seen my child so motivated to help out around the house! He set up his first savings goal which was to purchase some books totalling $50 from the School’s Book Club.
Spriggy provides an easy way for parents to keep kids accountable for what they spend and let them learn for themselves the value of giving up something they want today, for something they really want tomorrow.
I really believe that Spriggy is going to motivate Thomas to help out around the house more and also teach him how to save for the things he really wants.
If you’d like to set up Spriggy for your child, visit the Beyond Bank website.