Friday, July 6, 2012

Teach Financial responsibility with Tykoon #MoneySmartKid

Do you give out an allowance to your kids? How do you go about it? Do you have a list on the fridge? Do you just go by honor system and give them the money without checking to see if they completed their chores? Do you forget to pay your kids?


If you use any type of allowance or non-monetary reward system with your kids I strongly suggest you check out Tykoon. Tykoon is a website that helps you manage and teach your financial values to your children. As a parent you have the control and the site allows you to work with your child to teach about spending, savings and giving. I strongly suggest that you include your child in this entire process. Together you can work to establish task, rewards, giving, savings, spending opportunities and more. I love the pie chart that allows your child to see the breakdown of what they earn.


The online site allows you to download the Tykoon app from iTunes to run on your or your child's iPhone, iPod Touch, or iPad! This is a plus. It is wonderful to have apps like this that can be used by kids and their parents.


To set up Tykoon, the parent goes in and creates an account- easy peasy and only took me one minute to do so. Then register your kids. You can set the task and reward. Once you assign a task, your child accepts and completes it and then you are sent a message on its completions. Your kids can also ask to do a task and then it is up to you as a parent to accept it.


Your kids do not need an email addy to use this site. They can access it with you on your page. This is good for younger kids. Your kids will have access to search various charities, shop in a secure Amazon site on their page and create a wish list of things to purchase. As the parent, you will see what is on their wish list which will help you decide and work with your child on reaching that goal. It is really great that kids can see the prices of items they want as well as seeing how much money they have available. 
Tykoon makes it easy for you to discuss money with your kids and it allows them to earn with a purpose. They can only spend what is available to them which teaches financial responsibility. Together you can create savings goals, too. This helps them focus long term. Just like anything with your kids try and make the most out of teachable moments. This site bridges the gap between wanting to teach your financial values and giving them financial freedom to make independent decisions.
The site isn't all about money which makes it wonderful for younger kids and for families who do not use a monetary reward system. You can give rewards such as TV or internet time. This is very useful for any age and allows kids to see that they do not need money for everything they do. The kids can also send you a request to do a task and suggest their reward. I love this and it is a great way for them to take charge and find things to do for the family.


Does this sound like something you want to try? Guess what? You can and it is a FREE service! You can also do their “5 friends” offer: if you invite 5 friends to sign up and if they stay on for one month, you will get a $25 Amazon gift card. So as a parent they want you to try this with your kids, tell your friends and family and then give you a reward! Sounds like a win-win for all involved!


I participated in a campaign on behalf of MomCentral Consulting for Tykoon. I received a promotional item as a thank-you for participating.
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