Mydoh is an impressive financial tool that parents can use to teach kids about money. Kids can learn financial responsibility by using the Mydoh Cash Card paired with the Mydoh app. Parents can coach, guide and oversee how their kids spend money through the app. Most notably, the app is loaded with amazing features.
How does Mydoh work?
To get started, parents need to download the Mydoh app on their phones through the Google Play store or Apple’s Appstore. Once the app is downloaded, an invitation can be sent to a child for account activation. Once both parent and child’s accounts are synced, a parent can load money to the Mydoh Cash Card.
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Features of the Mydoh Cash Card
The Mydoh Cash Card is no ordinary prepaid card. It has a plethora of features that make it stand out. Here’s a list of thoughtful features that parents can use to teach kids about financial responsibility.
Tasks and chores
Set tasks for your kids such as, “clean your room”, “mow the lawn” etc and track if these tasks are completed. Once marked as completed, kids can get paid on Payday. This is a great way for your children to stay busy while also learning the value of hard work, budgeting and working towards a goal.
Allowance
An allowance can be set to suit your kids needs and expenses. The amount set will be up to you.
Mydoh Play
Play makes it easy for kids to learn about money, with fun facts and educational trivia. The content is easily digestible and most importantly, sparks financial literacy.
Mydoh Smart Cash Card.
Kids can use their cards to make purchases with the Mydoh prepaid Smart Cash Card. Parents can also easily track and react to their spending activity.
(To sharpen your knowledge about savings, read our article here!)
How much does Mydoh cost?
Mydoh costs $4.99 per month after a 30-day free trial. If you’re an RBC client, it costs $2.99 a month.
Why you should use the Mydoh app
- Kids don’t have to walk around with cash.
- It’s easy to talk about money with your children, make plans and set goals.
- Motivate your children to complete household chores.
- The app has a good user interface.
- Great for budgeting and expenses.
Is money deposited in Mydoh protected?
Mydoh is safe to use because it is backed up by RBC Bank. However, the money deposited is not CDIC insured, meaning if something were to happen to Mydoh, the money deposited might not be recoverable.
To learn more about other useful finance sites, read our reviews of Wealthsimple products by clicking here
