We have always had chores for the children to do, something that is age-appropriate around the house. Although we do it to have them help around the house, we want them to earn things like screen time or pocket money. By doing this, I think we have helped them to learn about the value of money, but only to a certain extent. It only covers a transaction; they get paid for doing something in particular. But there are so many different aspects to learning about money.
When it comes to getting pocket money, I am so forgetful to actually give it to them, or I don’t have cash for them (the children haven’t had their own bank accounts). I have been lucky to be working with GoHenry which means that the children have their own bank account (with an account number and sort code) and come with their own debit card, designed just as they’d like it. I had heard such good things about it, so I was looking forward to trying it out and seeing how and if it would work for us.
What is GoHenry?
GoHenry is a visa debit card that children can use to shop and buy things online and in stores, just like you or I would. Using an app, the parents or carers can load money onto the debit card, which could be a weekly allowance that is automatically paid, or money that you could transfer for a particular chore or as a treat for getting a good school report.
How much does GoHenry cost?
One of the things that you need to know is that there is a monthly cost to having the GoHenry debit card and using the app (it all comes together). How different is this to other banks if you want your children to get their own bank card? The fee is basically a membership fee.
- If you want to get a custom card, you will need to pay a fee of £4.99 (however, many promo codes will give you one free personalised card so this isn’t always the case)
- £2.99 per month for the membership fee, which is payable after the first 30 days (and is payable until you deactivate the card)
You can click here to sign up, and you can use the code AAUBLOG. When you do this, you’ll get £10 credit into the account, and get one month free GoHenry when you activate the account. You then have a few months membership fee taken care of, so you get to try it for a while and see what you think!
How does GoHenry work?
A GoHenry card is essentially a visa debit card that you load with money, using an app that parents can pay into, as well as children or teens being able to access on their phone or tablet. The parent’s version of the app tracks the account balance and with the click of a button, means you can send money to your child’s account. You can also see what your child is spending their money on, if they’re saving any money, and let’s you pay allowance by setting a weekly amount. You can also set limits for your child if you don’t want them to spend more than a certain amount that week, for example. You can also set some tasks so that if your child does a specific chore or achieves something specific, then they will get paid that amount.
In the child’s app, they can see their balance and save their money in a savings account (meaning they can’t spend it using their card), as well as do some learning. This has been a really valuable tool for my children. They get 20p for each learning module that they complete, but they have been learning a lot about money. They have learnt all about tax, savings, ISAs, interest, and so on. So as a tool for children to learn about the value of money and being smart with money, as the tagline says, then it does just that.
The first thing that the children have loved is having their own card. Their name is on it and it looks just how they want it too. It also allows them to buy things that I would say no to if it was me paying, but if they have earned the money, then they can choose. I think this is a really valuable tool for becoming independent and confident with money. The card can be used online, in shops, and in cash machines, so it does give them a proper feel for using it. I also like the idea that they have to earn the money, and it encourages them to do that; they don’t just get it for nothing.
I think for me, the downside is the monthly fee, although this isn’t a new thing as there are a number of bank accounts that do charge you a fee to use it each month. The app is great though, really helpful, so that is what you are paying for. You can add more than one child to an account, so the good news is that it is the same fee, no matter the number of children on the account (as far as I am aware).
I think the key thing is that it helps children to learn more about money, and it has definitely done that for my two eldest. It also offers some protection and rules, which is important. I think if children were older (teenagers) then they might be able to get a more affordable bank account with a debit card, but that isn’t an option for all children, so I think GoHenry is a good first step.
You can click here to sign up, and you can use the code AAUBLOG. When you do this, you’ll get £10 credit into the account, and get one month free GoHenry when you activate the account.
Have you heard of GoHenry before? It would be great to hear what you think.
*I am an ambassador for GoHenry for a year, which includes a gifted membership. However, I would only recommend something that I like and would be happy to pay for myself.