Now that you familiarized yourself with the basic functions of the MoneyMate app, let’s go through what more awaits for you to discover.
The app should be downloaded by all family members in order to use it, however registration is needed by one of the parents only. For everyone else the QR code needs to be used to enter, that is generated by the registered parent’s application, just click on the avatar of your child.
You can choose the currency in the app the way you’d like, plus the paws are also at your service. Use them flexibly as they fit best.
Managing the reward, pocket money or money received as a gift
In case your kid has a phone, they can access the Incomecards you created asking for acknowledgment of their achievement and bank in the reward associated. Every time they submit an Incomecard you’ll get a notification and it appears on the HOME / APPROVAL / INCOME screen for your approval. You can either approve with a single click of a button or review all the details beforehand . Upon approval the reward is immediately available in your kid’s balance. Creating an Incomecard can only be done by a parent, but the kids have the opportunity to choose a picture if they wish . The card will always be available to use until it’s deleted.
Should you want to provide pocket money to your kids on a regular basis, you have to turn on this function when creating an Incomecard. You’ll be able to set the frequency of pocket money and it will come for your approval automatically. You can even set the approval to be auto performed by the app for your convenience. We highlighted these cards for you in the / Framework / RECURRING ITEMS, showing the auto approval function with a dedicated icon .
The Incomecard can even be used in cases when your kids get some cash as a gift. Choose an amount to the card that is easily be multiplied to match most cases, but you can alternatively adjust the card each time if that suits you better. Real cash is managed by the parents in the MoneyMate world, so don’t forget to collect it from your kids.
No matter if it is a financial goal (eg a new box of LEGO) or an event that helps strengthening their human relationships (eg participate on a party with their friends) or just an extra hour with their mobile device, create a Goalcard and register your kids’ wishes and the conditions how they can achieve those. Finalizing a Goalcard always needs to be done by a parent, but your kids can initiate creating it on screen HOME / EXPENSES. In such cases you receive a notification and on the HOME / APPROVAL / NEW GOAL screen it will appear as a goal to be finalized. As a parent it’s your duty to set the price for each goal. Should your kid choose a goal with monetary value then just give it’s price, and you still have the opportunity to lower that price with your parental contribution.
To save for a goal you have to click on the Allocate icon within the goal details screen. The allocated amount remains part of the the total balance, but will immediately lower the available balance. On the Allocation screen the available balance and the saving progress are instantly refreshing. Obviously you can adjust the allocated amount or even cancel it to zero anytime. For this use the sign convention icon to change between negative and positive amounts to allocate.
When your kid achieved 100% of the amounts for a given goal, they can send you a notification about it by pushing the COMPLETE button. The card is waiting for your approval on the HOME / APPROVALS / FINISH GOAL screen. Click on the edit icon and push the APPROVE button to complete the goal, meaning you’ve also completed your part by giving the prize to your kid. This will withdraw the agreed amount from the total balance. The available balance will not change this time since that has already been allocated to the goal. Reminder: Total balance = Available balance + Allocated amounts to goals.
If you want to use a goal more times (eg extra screen time), we created the Recurring goals function for you. When you turn it on the goal after completion will be automatically created again with the same conditions. These goals will also appear in the Framework / RECURRING ITEMS screen.
Utilizing the reward or the pocket money
When your kid would like to spend their hard earned rewards or pocket money, then they need to send a request to you. The expense requests will arrive to your HOME / APPROVAL / EXPENSE screen to approve. Then it’s your job to realize their wish (for example by purchasing the product or giving them the cash or sending some money to their pre-paid card). Approve the request when you fulfilled that.
If your kid wants a subscription they would pay through their available balance then set the recurring function on the Expensecard. You’ll receive the expense request automatically by the given frequency. You can even set the approval to be automatic. When you cancel the subscription you can delete the respective card from the / Framework / RECURRING ITEMS screen.
For all items in the app – regardless whether it’s income or spending – you can select a Category. In the / Framework on the CATEGORIES screen you can edit them or create new ones. Using categories will allow you to group the transactions and this way to better understand the behavior patterns of your kid.
Reports: lists and graphs
On the HOME / REPORTS screen you can easily review the list of GOALS and their progress, or even see all the details and adjust if needed . Under the TRANSACTIONS you’ll find all the transactions that hit the total balance. Allocation to goal doesn’t count as a transaction, only after completing the goal will reduce the total balance and get into the transactions. There are filters at your disposal to review the list easier.
Should you have any questions or comments to any of the above mentioned functions, please let us know by writing to us on the ABOUT US screen using the contact form.
In our next blogpost we’ll show you how these functions can help you being consistent with your expectations while your kid’s confidence and motivation grows on the path of becoming a financially capable adult.